Whether you are a first time or experienced buyer or buying as an investment, the key thing throughout the process is being organised.
You need to work out not only how much you can borrow but how much you afford to pay each month. Initially you will need money for the deposit, legal fees, mortgage fees, valuation fees and stamp duty if applicable. Once you own your home there will be additional costs you may not have at the minute such as gas, electric, internet, home insurance and general costs in maintaining your home. You should also remember that your mortgage payments may increase in future.
A mortgage is going to one of the biggest financial commitments of your life. As such it’s important that you find the right deal for your circumstances. Since the credit crunch it has become more important that you find a lender who is prepared to give you the mortgage, before you make a commitment to buy. You should arrange this well in advance as the process can now take longer than it once did. There are many different types of mortgages the most common of which are:
Your mortgage may come with a booking or application fee which can be several hundred pounds. In addition the lender may require that you pay for a valuation. It is always advisable to take advice on which mortgage is right for your circumstances. Some lenders may have exclusive mortgages only available through mortgage advisors.