2 minutes
2 minutes
2 minutes
2 minutes
to read
to read
to read
to read
Friday 11 December 2020
Friday 11 December 2020
Friday 11 December 2020
Friday 11 December 2020
Getting onto the property ladder is a significant milestone and a key goal for many people. However, with so much conflicting advice available, navigating the process can be challenging. Our experienced advisors are here to guide you through every step, from the initial contact to the completion of your purchase. Below, we outline some key points to consider as you start your journey.
The Importance of a Larger Deposit
Our first and most crucial piece of advice is to save as large a deposit as possible. A larger deposit serves as security for lenders, reducing their risk when considering your mortgage application. Lenders evaluate potential challenges borrowers may face throughout the mortgage term, such as:
Temporary decreases in property value
Periods of unemployment
Reduced income or disposable income
The bigger your deposit, the less exposed the lender is to these changes, increasing the likelihood of approval and potentially securing a better interest rate for you.
Benefits of a Larger Deposit
A larger deposit not only improves your chances of mortgage approval but also reduces the size of the loan you’ll need. This, in turn, leads to:
Lower monthly repayments – A smaller loan means less to repay each month.
More favourable mortgage terms – Lenders may offer better rates for borrowers with larger deposits.
Budgeting for Moving Costs
While saving for a deposit is crucial, it’s also important to set aside funds for the costs associated with moving. These may include:
Stamp duty – Depending on the property’s value and your circumstances, you may need to pay stamp duty.
Surveyors’ fees – To ensure the property is in good condition and worth the price.
Solicitors’ fees – For handling legal paperwork and ensuring a smooth transaction.
Moving and furnishing costs – From hiring movers to furnishing your new home, these expenses can add up.
Additionally, it’s wise to budget for unforeseen costs, such as repairs or issues with your new property that only become apparent after you’ve moved in.
Let Us Help You Get Started
If you’re looking to step onto the property ladder, our team of expert advisors is here to help. We’ll provide personalised guidance to ensure you’re fully prepared for the journey ahead. Contact us today to arrange a meeting and take the first step towards owning your own home.
Getting onto the property ladder is a significant milestone and a key goal for many people. However, with so much conflicting advice available, navigating the process can be challenging. Our experienced advisors are here to guide you through every step, from the initial contact to the completion of your purchase. Below, we outline some key points to consider as you start your journey.
The Importance of a Larger Deposit
Our first and most crucial piece of advice is to save as large a deposit as possible. A larger deposit serves as security for lenders, reducing their risk when considering your mortgage application. Lenders evaluate potential challenges borrowers may face throughout the mortgage term, such as:
Temporary decreases in property value
Periods of unemployment
Reduced income or disposable income
The bigger your deposit, the less exposed the lender is to these changes, increasing the likelihood of approval and potentially securing a better interest rate for you.
Benefits of a Larger Deposit
A larger deposit not only improves your chances of mortgage approval but also reduces the size of the loan you’ll need. This, in turn, leads to:
Lower monthly repayments – A smaller loan means less to repay each month.
More favourable mortgage terms – Lenders may offer better rates for borrowers with larger deposits.
Budgeting for Moving Costs
While saving for a deposit is crucial, it’s also important to set aside funds for the costs associated with moving. These may include:
Stamp duty – Depending on the property’s value and your circumstances, you may need to pay stamp duty.
Surveyors’ fees – To ensure the property is in good condition and worth the price.
Solicitors’ fees – For handling legal paperwork and ensuring a smooth transaction.
Moving and furnishing costs – From hiring movers to furnishing your new home, these expenses can add up.
Additionally, it’s wise to budget for unforeseen costs, such as repairs or issues with your new property that only become apparent after you’ve moved in.
Let Us Help You Get Started
If you’re looking to step onto the property ladder, our team of expert advisors is here to help. We’ll provide personalised guidance to ensure you’re fully prepared for the journey ahead. Contact us today to arrange a meeting and take the first step towards owning your own home.
