Mortgage Tips For Those Looking To Buying A Home

As exciting as owning your home can be, there are several things you should seriously consider when getting a mortgage. There are things that you can do to make the process easier, and there are also things you should be aware of before signing on any mortgage application. Nothing is better than getting a strong foothold into the property market, so ensuring it is done the correct way, and as stress free as can be.

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Deposits are the foundation of your mortgage, as it allows you to secure a property. However, there isn’t a generic deposit that will apply to all properties, as you’ll need to save 5 - 20% of the overall price of the home you want to buy. For example, if you would like to buy £150,000, the least you will have to save is £7500. It is important to save more than 5% as it will help you get to get a wider range of mortgage options. It is always important to see a variety of houses; as cheaper homes aren’t always the best options to go for.


Repayments help you gradually pay off the whole of your mortgage, so it is an essential to keep it in mind. Is it something you can really afford to do? Have you put a budget together in order to do so? Mortgage checks are becoming increasingly strict, so ensuring that you have each and every payment recorded will help you set out a budget plan. Interests rates can also change, as can life circumstances, so make sure the mortgage payments don’t hinder your opportunities of living.

Any Added Costs

With mortgages there are the up-front costs, which are your monthly repayments and deposit. However, there are things that are involved that people may not know. Take a deeper look into buying a home and you’ll see that there are mortgage arrangements and valuation fees, stamp duty fees, solicitor’s fees, survey costs, removal costs, initial furnishings, decorating costs and finally buildings insurance. Estimate everything that you need to do before moving out and again, it will help you arrange a financial plan suited around your mortgage. If you are letting-to-buy then these fees will still apply, however there will be added costs for the letting agents. Whether you are using letting agents in Stockport, or letting agents in Birmingham there will be additional costs.

Buying Schemes

There are buying schemes in place in order to help you, and they are government backed. They are pushed out towards home buyers, home movers and are there to help ensure you get a foot onto the property ladder. Find out whether you are suited to a property buying scheme and take full advantage of it, helping you find an affordable mortgage.

Mortgage Applications

Similar to buying schemes, there are also mortgage schemes available for you to choose from. It will take a whole host of factors into consideration, however it is always a good idea to take a look. Do the research needed and speak to mortgage brokers and find a solution to your mortgage application. Whatever mortgage you may eventually end up choosing, you should be made aware of the payment rates if anything is to change, or your own financial situation does eventually change. There will be a series of documents being exchanged in order to record proof of income and will take absolutely everything into consideration, including debts, bills and living costs. Payslips, bank statements and tax returns, if you are self-employed are an ideal of way of monitoring all of your finances.

About Author: Roman has been a freelance writer for nearly a year and has written for several property/ real estate based websites. He has helped guide first time buyers with the reliable advice from Urban Property Services. 

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