(Collaborative post) In my post, Tips For Buying A Home With A Mortgage, we look at the basics new prospective homeowners need to be aware of.
Buying a house is a great investment. You may have put away savings for years but, most of us will look to take out a mortgage to help us get onto the property ladder. You will need to be able to contribute at least 10% of the property’s purchase price. Where possible though contribute more to relieve the financial burden, have money set aside for improvements and emergencies.
Once you have the deposit you will need to choose a mortgage provider. Here we look at getting a mortgage for those of you that are first-time buyers. It’s really not as scary as you may think.
Tips For Buying A Home With A Mortgage
Use a Mortgage Calculator
If you want to do your own research before contacting a mortgage broker you can look at using a mortgage calculator like that at Mortgage Calculator UK . These are used by the general public as well as estate agents to give a quick, free, accurate calculation so you can get started with your house hunting rather than wait to find a mortgage broker and then for them to take details and get back to you with their calculations. We have found these mortgage calculators quite handy to work out what amount to borrow before house hunting for properties.
Find A Mortgage Broker
Some people will find a mortgage through their bank, others by finding a company focussed on mortgages. I found it can be worth contacting a mortgage broker if you are looking to get the best deal possible. They will do all the leg work for you and provide you with details of the best deals that will cost you the least. It’s a great time saver. It is important to do your research first in order to make sure you are using a reputable company with good reviews.
Get A Mortgage In Principle
A mortgage in principle is an agreement saying the lender is prepared to grant a mortgage and it states how much they will lend.
Once you find a good mortgage broker and have a mortgage in principle then you can begin your hunt for the perfect property within your price range. A common mistake is to start looking before you know how much you can get for your mortgage. Don’t do it, It’s heartbreaking if you find an amazing house that you can’t afford.
Think About What You Can Reasonably Afford
You may find some amazing properties within your price range but you also need to consider other things aside from the price of the house. Does it need refurbishing? How much work does it need and how much will this cost. You may find you need to borrow more just to complete the project. This could impact you greatly. If the property is a flat, what are the service charges and can you afford them alongside the mortgage and other costs? As you can see it’s not just the price of the property that needs to be taken into consideration.
Consider whether you can afford the mortgage payment alongside the everyday cost of living too. You may have a car or two, have gym memberships and other bills that need paying beyond your utilities. There are many financial influences that will dictate just how much you are able to spend when it comes to your mortgage payments.
Find A Home
And now comes the exciting bit, finding your home!!!!!
You’ll need to make sure all the other points above are covered before you get to this stage. That way, you can look around homes to your heart’s content. You’ll know you’ll be able to afford to put in an offer and hopefully securing what might be a first home for you.
Buying a home with a mortgage can take time and it’s a process that you don’t want to rush out of excitement. After all, you are borrowing a large amount of money that you’ll be responsible to repay.
Are there any “Tips For Buying A Home With A Mortgage” that you would suggest?
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Great tips. We bought a home a few years ago and didn’t know what we were doing. But we did find something we could afford!
It’s a bit nerve-racking the first time around but also quite exciting too!!!
Great tips for first time home buyers. Buying my home was the best thing i ever did and we had a small mortgage we paid back over 15 years.
That’s great to hear. The larger the mortgage the larger the headache. Glad it’s all paid off x
Thanks for the fantastic tips! I’d love to buy the house pictured, its gorgeous!
Thanks for visiting Lavende x
These are great tips for first time homebuyers!
Thanks Monica x
Great tips! I lot of first time home buyers don’t know what they can actually afford.
These are great tips, I have been through this process twice and I appreciate my mortgage advisor big time.
Sounds like you have a good one Anosa x
Thanks for this post. It’s so informative and
so helpful.
Glad to have helped Nikki.
Surely for those who find themselves in this situation these tips are really pure gold!
Finding a good mortgage broker is so important. We found ours via word of mouth from friends and he was brilliant when we got ours.
That’s a good way to find one. That’s great to hear Sabina.
Wonderful tips for new home buyers. The market is so crazy where I live this is good information for everyone.
It’s important before taking a mortgage , to inform yourself. I use to make a list with all the things I need to know, and your tips help a lot!
Definitely great tips for anyone looking to buy a home.
Currently looking into buying our first home. This is a great short overview of the mortgage process. Thanks!
These are wonderful tips,Wish you had written this post earlier when we bought our home.
Aahhh that’s a shame. Congratulations on buying your home Swathi.
These are some great tips . I can’t wait to be able to get a mortgage 🙂
Hopefully, you won’t need to wait too long or borrow too much either.
These are great tips. They’re helpful for someone who is planning to buy a home.
Thanks Garf. Hopefully, they will help a few people.
These are great tips for any prospective hoemowner. Buying a home is such an important decision.
Thank you so much for sharing this informative post. Lots of great tips here fro sure and my husband and I just bought a new home and my husband was really on his game with the 15 year mortgage versus the 30. It is crazy how much money you save by making a 15 year mortgage work for you.
These are some wonderful tips on buying a home with a mortgage. I will keep these in mind when i buy a home hopefully
I’m sure you’ll get there Melissa. Hope it’s not too long.