Buying a home can be very exciting as well as very stressful and to ensure you are fully prepared we have put together some key points that will help you along the journey of buying a home.
Whether you need more space, are downsizing, or simply moving on our Financial Services department will find a great mortgage or re-mortgage deal for you.
Our team of mortgage specialists work with a wide range of lenders including Halifax, HSBC, Nationwide, Santander and Virgin Money, and have access to some exclusive deals you will not find if you apply directly with the lenders.
The amount you can borrow will be based on your income and affordability.
Thinking about the above requirements will give a picture of your lifestyle before a property purchase. It will show how you will be able to live once you have purchased a property.
A mortgage calculator can be used to see at a glance how much a mortgage could cost you to give you an idea of affordability, but knowing which mortgage is right for you can be tricky so speaking with a financial advisor will be needed. Currently, mortgage rates are at their lowest but remember there are fees and solicitor fees to add to the costs.
Depending on the capital you have at your disposal will also determine how much you can borrow.
Having capital will depend upon
Once you have everything together you will be able to work out what deposit you have available to you. By deducting costs of buying a property which includes moving expenses and improvements that we will be needed, remember to keep a little safety net for an emergency which leaves a final sum which is the deposit for your property. Make sure that you are not overstretching yourself.
Knowing how much money you now have for a deposit will then help you and your financial advisor work out how much you will be able to afford to borrow for a mortgage. Again the mortgage will also depend on a number of factors too.
Once you have all your figures together of how much it is going to cost to become a homeowner along with how much it is going to be monthly for you, think carefully about your affordability to do this. This will be one of the biggest financial commitments you will make and you need to be sure that everything is affordable. If you cannot afford to pay your mortgage payments and you start to struggle it can result in your home being repossessed at a later date.
Some points that we offer to clients of Edward Mellor Financial Services are
Our team of mortgage consultants will be able to offer new mortgage and remortgage rates that are not available within the open market. We work with over 50+ lenders and we will look for the best rate available for your circumstances. Get in contact today and you could be putting an offer on your dream home.
Whether you are looking for a mortgage, a re-mortgage or a buy-to-let rate – Edward Mellor Financial Services are here to help you get the best deal. Contact today on 0161 443 4830
