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Tuesday 20 October 2020
Tuesday 20 October 2020
Tuesday 20 October 2020
Tuesday 20 October 2020
Buying your first home is a significant milestone, but it can also feel overwhelming, especially with advice coming from all directions. At Barrett Mortgages, our advisors are here to provide clear, expert guidance, helping you navigate the complexities of the process with ease and confidence.
Essential Tips for First-Time Homebuyers
1. Save for a Decent Deposit
Why It Matters: A larger deposit increases your chances of securing a mortgage and results in smaller monthly repayments.
Benefits:
Reduced borrowing amount.
Access to better mortgage rates.
Lower risk for lenders, making your application more appealing.
2. Reduce Your Outgoings
Minimise unnecessary expenses to ensure you have enough disposable income to cover mortgage repayments.
Lower existing debts or aim to be debt-free, improving your financial profile in the eyes of lenders.
3. Maintain a Clean Credit Rating
A good credit score is crucial for securing a mortgage. Ensure your credit history reflects reliability and the ability to manage repayments.
4. Plan for Additional Costs
Budget for Moving Costs: Include expenses like:
Stamp Duty: Check if you're eligible and how much you might need to pay.
Solicitor and Surveyor Fees: Essential for legal paperwork and ensuring the property is in good condition.
Moving Costs: Transportation, packing materials, and professional movers.
Furnishing Costs: Preparing your new home with necessary furniture and appliances.
5. Explore Government Schemes
Help to Buy Scheme: Aimed at making homeownership more affordable, this initiative can significantly reduce your mortgage amount, allowing you to pay less overall.
Other Support: Check eligibility for government schemes that can provide financial assistance or incentives.
6. Consider the Location
Look for areas with:
Good Schools: Important for families or future resale value.
Transport Links: Easy access to buses, trains, or major roads.
Affordability: Be mindful of the "ceiling price" of properties in the area to ensure your purchase aligns with local market values.
Why Choose Barrett Mortgages?
Personalised Guidance
Our team takes the time to understand your financial goals and unique circumstances, ensuring tailored advice that fits your needs.
Comprehensive Support
We guide you through every step, from saving for your deposit to choosing the best mortgage product and managing the application process.
Access to Exclusive Deals
With connections across a wide range of lenders, we compare products to secure the most competitive rates for you.
Expert Knowledge
Our advisors simplify complex terms, help you navigate government schemes, and provide insights to make informed decisions.
Contact Us Today
Let Barrett Mortgages help you make your first-time home buying journey stress-free and successful. Our friendly advisors are here to provide expert advice and support every step of the way.
📞 Call us: 01202 733809
📧 Email us: enquiries@barrettmortgages.com
Take the first step towards owning your dream home. Get in touch with Barrett Mortgages today!
Buying your first home is a significant milestone, but it can also feel overwhelming, especially with advice coming from all directions. At Barrett Mortgages, our advisors are here to provide clear, expert guidance, helping you navigate the complexities of the process with ease and confidence.
Essential Tips for First-Time Homebuyers
1. Save for a Decent Deposit
Why It Matters: A larger deposit increases your chances of securing a mortgage and results in smaller monthly repayments.
Benefits:
Reduced borrowing amount.
Access to better mortgage rates.
Lower risk for lenders, making your application more appealing.
2. Reduce Your Outgoings
Minimise unnecessary expenses to ensure you have enough disposable income to cover mortgage repayments.
Lower existing debts or aim to be debt-free, improving your financial profile in the eyes of lenders.
3. Maintain a Clean Credit Rating
A good credit score is crucial for securing a mortgage. Ensure your credit history reflects reliability and the ability to manage repayments.
4. Plan for Additional Costs
Budget for Moving Costs: Include expenses like:
Stamp Duty: Check if you're eligible and how much you might need to pay.
Solicitor and Surveyor Fees: Essential for legal paperwork and ensuring the property is in good condition.
Moving Costs: Transportation, packing materials, and professional movers.
Furnishing Costs: Preparing your new home with necessary furniture and appliances.
5. Explore Government Schemes
Help to Buy Scheme: Aimed at making homeownership more affordable, this initiative can significantly reduce your mortgage amount, allowing you to pay less overall.
Other Support: Check eligibility for government schemes that can provide financial assistance or incentives.
6. Consider the Location
Look for areas with:
Good Schools: Important for families or future resale value.
Transport Links: Easy access to buses, trains, or major roads.
Affordability: Be mindful of the "ceiling price" of properties in the area to ensure your purchase aligns with local market values.
Why Choose Barrett Mortgages?
Personalised Guidance
Our team takes the time to understand your financial goals and unique circumstances, ensuring tailored advice that fits your needs.
Comprehensive Support
We guide you through every step, from saving for your deposit to choosing the best mortgage product and managing the application process.
Access to Exclusive Deals
With connections across a wide range of lenders, we compare products to secure the most competitive rates for you.
Expert Knowledge
Our advisors simplify complex terms, help you navigate government schemes, and provide insights to make informed decisions.
Contact Us Today
Let Barrett Mortgages help you make your first-time home buying journey stress-free and successful. Our friendly advisors are here to provide expert advice and support every step of the way.
📞 Call us: 01202 733809
📧 Email us: enquiries@barrettmortgages.com
Take the first step towards owning your dream home. Get in touch with Barrett Mortgages today!
