3 minutes
3 minutes
3 minutes
3 minutes
to read
to read
to read
to read
Wednesday 5 August 2020
Wednesday 5 August 2020
Wednesday 5 August 2020
Wednesday 5 August 2020
Buying your first home is an exciting journey, but it comes with financial responsibilities that require careful planning. One of the most significant factors in securing your ideal mortgage is the size of your deposit. Here's why a larger deposit is beneficial and how you can prepare for the costs associated with moving.
Why a Bigger Deposit Matters
Lower Borrowing Costs:
A larger deposit means you’ll need to borrow less from the mortgage lender, reducing your monthly repayments and overall financial burden.Stronger Application:
Mortgage companies assess applications by considering potential risks during the mortgage's life. They may account for periods of reduced income due to factors like unemployment or starting a family. A bigger deposit provides reassurance to lenders, making you a more appealing candidate.Improved Financial Flexibility:
Smaller monthly payments allow you to allocate funds towards other priorities, such as home improvements, savings, or leisure activities.
Planning for Moving Costs
When preparing to buy a home, it’s important to budget for additional expenses beyond your deposit:
Stamp Duty: Depending on the property value, buyers may be liable for stamp duty.
Solicitor and Surveyor Fees: Essential for legal processes and property assessments.
Moving Costs: Expenses like hiring movers, purchasing packing materials, and transportation should also be considered.
Furnishing Your New Home: The cost of making your new house a home depends on its size and your preferences.
Government Help to Buy Scheme
If saving for a large deposit feels challenging, the Help to Buy Scheme can offer valuable support:
Eligibility: Available for purchasing new-build homes with a minimum 5% deposit.
Government Contribution: The government lends up to 20% of the property’s purchase price, reducing the mortgage amount needed to 75%.
This scheme can make homeownership more attainable, especially for first-time buyers, by easing the upfront financial burden.
Get Expert Financial Advice
Working with a qualified financial adviser can significantly impact your house-buying process. They can help you:
Assess your financial situation.
Plan for the costs of buying and moving.
Explore available mortgage options tailored to your circumstances.
Let Barrett Mortgages Guide You
At Barrett Mortgages, we specialise in helping first-time buyers navigate the complexities of purchasing a home. From exploring government schemes to securing the best mortgage deals, we’re here to support you every step of the way.
If you’d like to learn more about how we can assist you, get in touch with our team today! Let’s make your dream of homeownership a reality.
Buying your first home is an exciting journey, but it comes with financial responsibilities that require careful planning. One of the most significant factors in securing your ideal mortgage is the size of your deposit. Here's why a larger deposit is beneficial and how you can prepare for the costs associated with moving.
Why a Bigger Deposit Matters
Lower Borrowing Costs:
A larger deposit means you’ll need to borrow less from the mortgage lender, reducing your monthly repayments and overall financial burden.Stronger Application:
Mortgage companies assess applications by considering potential risks during the mortgage's life. They may account for periods of reduced income due to factors like unemployment or starting a family. A bigger deposit provides reassurance to lenders, making you a more appealing candidate.Improved Financial Flexibility:
Smaller monthly payments allow you to allocate funds towards other priorities, such as home improvements, savings, or leisure activities.
Planning for Moving Costs
When preparing to buy a home, it’s important to budget for additional expenses beyond your deposit:
Stamp Duty: Depending on the property value, buyers may be liable for stamp duty.
Solicitor and Surveyor Fees: Essential for legal processes and property assessments.
Moving Costs: Expenses like hiring movers, purchasing packing materials, and transportation should also be considered.
Furnishing Your New Home: The cost of making your new house a home depends on its size and your preferences.
Government Help to Buy Scheme
If saving for a large deposit feels challenging, the Help to Buy Scheme can offer valuable support:
Eligibility: Available for purchasing new-build homes with a minimum 5% deposit.
Government Contribution: The government lends up to 20% of the property’s purchase price, reducing the mortgage amount needed to 75%.
This scheme can make homeownership more attainable, especially for first-time buyers, by easing the upfront financial burden.
Get Expert Financial Advice
Working with a qualified financial adviser can significantly impact your house-buying process. They can help you:
Assess your financial situation.
Plan for the costs of buying and moving.
Explore available mortgage options tailored to your circumstances.
Let Barrett Mortgages Guide You
At Barrett Mortgages, we specialise in helping first-time buyers navigate the complexities of purchasing a home. From exploring government schemes to securing the best mortgage deals, we’re here to support you every step of the way.
If you’d like to learn more about how we can assist you, get in touch with our team today! Let’s make your dream of homeownership a reality.
