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Friday 30 April 2021
Friday 30 April 2021
Friday 30 April 2021
Friday 30 April 2021
Buying your first property is an exciting milestone, but it comes with challenges. At Barrett Mortgages, we’re here to help you navigate the process and increase your chances of securing your first mortgage. By planning ahead and following our expert advice, you’ll be better prepared to achieve your homeownership goals.
Steps to Improve Your Chances of Mortgage Approval
1. Save for a Larger Deposit
Why It Matters: A bigger deposit improves your chances of approval as it reduces the lender’s risk.
Benefits:
Smaller monthly repayments.
Lower overall interest costs.
Aim for at least 5-10% of the property value, or more if possible.
2. Budget for Additional Costs
Don’t forget to set aside money for:
Stamp Duty (if applicable).
Solicitor and Surveyor Fees.
Moving costs and furnishing expenses.
These costs can vary depending on your circumstances, so planning is essential.
3. Reduce Monthly Outgoings
Minimise unnecessary expenses to dedicate more of your income toward mortgage repayments.
Lower or eliminate existing debts to show lenders that you can manage your finances responsibly.
4. Ensure a Regular Income and Clean Credit Score
Steady Income: Demonstrates your ability to make consistent payments.
Clean Credit Score: A good credit score reassures lenders of your reliability.
Help to Buy Scheme: A Path to Homeownership
The Help to Buy scheme is a government-backed initiative designed to assist buyers in purchasing newly built homes. Here’s how it works:
Equity Loan: Borrow between 5% and 20% of the property price.
Price Caps: Maximum property price limits vary by region.
Interest-Free Period: No interest is charged for the first 5 years.
Interest Payments: Starting in year 6, you’ll pay interest on the loan amount without reducing the balance.
Repayment Options: You can repay the loan in full or in parts of at least 10% of the property’s market value at the time of repayment.
Why Choose Barrett Mortgages?
At Barrett Mortgages, we specialise in helping clients secure the right mortgage for their needs. Founded in 2009 by Darren Barrett, we were established to provide a transparent, honest, and pressure-free alternative to corporate brokers.
What Sets Us Apart:
Experienced Team: Fully qualified staff dedicated to excellent customer service.
Tailored Advice: We work with clients from all financial backgrounds.
Trusted Service: Our reputation is built on referrals and satisfied customers.
Get in Touch Today
Ready to take the first step toward buying your first home? Contact Barrett Mortgages for expert advice and personalised support.
Call: 01202 733809
Visit: Our office in Poole, Dorset.
Online: Use our contact form to get started.
Let Barrett Mortgages help you secure the best mortgage for your dream home.
Buying your first property is an exciting milestone, but it comes with challenges. At Barrett Mortgages, we’re here to help you navigate the process and increase your chances of securing your first mortgage. By planning ahead and following our expert advice, you’ll be better prepared to achieve your homeownership goals.
Steps to Improve Your Chances of Mortgage Approval
1. Save for a Larger Deposit
Why It Matters: A bigger deposit improves your chances of approval as it reduces the lender’s risk.
Benefits:
Smaller monthly repayments.
Lower overall interest costs.
Aim for at least 5-10% of the property value, or more if possible.
2. Budget for Additional Costs
Don’t forget to set aside money for:
Stamp Duty (if applicable).
Solicitor and Surveyor Fees.
Moving costs and furnishing expenses.
These costs can vary depending on your circumstances, so planning is essential.
3. Reduce Monthly Outgoings
Minimise unnecessary expenses to dedicate more of your income toward mortgage repayments.
Lower or eliminate existing debts to show lenders that you can manage your finances responsibly.
4. Ensure a Regular Income and Clean Credit Score
Steady Income: Demonstrates your ability to make consistent payments.
Clean Credit Score: A good credit score reassures lenders of your reliability.
Help to Buy Scheme: A Path to Homeownership
The Help to Buy scheme is a government-backed initiative designed to assist buyers in purchasing newly built homes. Here’s how it works:
Equity Loan: Borrow between 5% and 20% of the property price.
Price Caps: Maximum property price limits vary by region.
Interest-Free Period: No interest is charged for the first 5 years.
Interest Payments: Starting in year 6, you’ll pay interest on the loan amount without reducing the balance.
Repayment Options: You can repay the loan in full or in parts of at least 10% of the property’s market value at the time of repayment.
Why Choose Barrett Mortgages?
At Barrett Mortgages, we specialise in helping clients secure the right mortgage for their needs. Founded in 2009 by Darren Barrett, we were established to provide a transparent, honest, and pressure-free alternative to corporate brokers.
What Sets Us Apart:
Experienced Team: Fully qualified staff dedicated to excellent customer service.
Tailored Advice: We work with clients from all financial backgrounds.
Trusted Service: Our reputation is built on referrals and satisfied customers.
Get in Touch Today
Ready to take the first step toward buying your first home? Contact Barrett Mortgages for expert advice and personalised support.
Call: 01202 733809
Visit: Our office in Poole, Dorset.
Online: Use our contact form to get started.
Let Barrett Mortgages help you secure the best mortgage for your dream home.
