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Tuesday 12 January 2021
Tuesday 12 January 2021
Tuesday 12 January 2021
Tuesday 12 January 2021
Getting onto the property ladder is a key goal for most people, but it can be a daunting task. Conflicting advice often adds to the confusion, making the process seem overwhelming. That’s where our advisors come in. We’re here to guide you through the entire journey—from the initial contact to determining how much you can borrow and everything in between.
Buying your first home is an unforgettable experience, and careful planning can give you a significant advantage in securing the home you truly desire. One of the most important steps to focus on is putting down a substantial deposit.
The Importance of a Larger Deposit
Saving for the largest deposit possible can greatly improve your chances of securing your dream home. Lenders consider a range of factors when approving a mortgage, including potential challenges borrowers might face, such as periods of unemployment or reduced disposable income due to family commitments.
A larger deposit reduces the lender's risk, making them more likely to approve your application. It also benefits you as the buyer by resulting in smaller monthly repayments and a smaller overall mortgage, making homeownership more affordable in the long run.
Budgeting for Moving Costs
We also recommend setting aside money for moving costs. Budgeting for all expenses, even unexpected ones, is essential. These costs may include:
Stamp Duty: Some buyers may be liable for this tax.
Surveyor and Solicitor Fees: These are essential for ensuring a smooth buying process.
Furnishing and Moving Costs: The cost of moving from one location to another and furnishing your new home can vary significantly.
It’s also wise to prepare for unforeseen expenses, such as repairs or updates you only notice after moving in. Being financially prepared for these situations can save you stress later on.
Government Schemes: A Helping Hand
Exploring available government schemes can be incredibly beneficial for first-time buyers. For example, Help to Buy allows the government to lend up to 20% of the property’s purchase price. With a 5% deposit, you’d only need a mortgage for the remaining 75%, reducing your financial burden significantly.
Let Us Help Make Your Dream a Reality
If you found this information helpful, our advisors are ready to provide even more guidance to make your home-buying journey as smooth as possible. From expert advice on deposits to navigating government schemes, we’re here to help.
Get in touch with us today to learn more and take the first step toward owning your dream home.
Getting onto the property ladder is a key goal for most people, but it can be a daunting task. Conflicting advice often adds to the confusion, making the process seem overwhelming. That’s where our advisors come in. We’re here to guide you through the entire journey—from the initial contact to determining how much you can borrow and everything in between.
Buying your first home is an unforgettable experience, and careful planning can give you a significant advantage in securing the home you truly desire. One of the most important steps to focus on is putting down a substantial deposit.
The Importance of a Larger Deposit
Saving for the largest deposit possible can greatly improve your chances of securing your dream home. Lenders consider a range of factors when approving a mortgage, including potential challenges borrowers might face, such as periods of unemployment or reduced disposable income due to family commitments.
A larger deposit reduces the lender's risk, making them more likely to approve your application. It also benefits you as the buyer by resulting in smaller monthly repayments and a smaller overall mortgage, making homeownership more affordable in the long run.
Budgeting for Moving Costs
We also recommend setting aside money for moving costs. Budgeting for all expenses, even unexpected ones, is essential. These costs may include:
Stamp Duty: Some buyers may be liable for this tax.
Surveyor and Solicitor Fees: These are essential for ensuring a smooth buying process.
Furnishing and Moving Costs: The cost of moving from one location to another and furnishing your new home can vary significantly.
It’s also wise to prepare for unforeseen expenses, such as repairs or updates you only notice after moving in. Being financially prepared for these situations can save you stress later on.
Government Schemes: A Helping Hand
Exploring available government schemes can be incredibly beneficial for first-time buyers. For example, Help to Buy allows the government to lend up to 20% of the property’s purchase price. With a 5% deposit, you’d only need a mortgage for the remaining 75%, reducing your financial burden significantly.
Let Us Help Make Your Dream a Reality
If you found this information helpful, our advisors are ready to provide even more guidance to make your home-buying journey as smooth as possible. From expert advice on deposits to navigating government schemes, we’re here to help.
Get in touch with us today to learn more and take the first step toward owning your dream home.
