Buying your first home is an exciting period in your life, but the mortgage application process can be complex and daunting for many people. Mortgage advisors are available to offer support, as they have invested in the CeMAP training courses, learning all the relevant aspects of the process.
Initially, you need to save a sufficient deposit, which may be 5% of the purchase price, but to get a better rate of interest, you may want to save at least 10%. If you find out how much you will be able to borrow based on your income, you will know roughly how much money you need to save as a deposit. You will also need some money to pay for other expenses, like the mortgage fees, property survey and other costs.
There are a number of first-time buyer schemes available, which may help you to purchase your first home. Check with a professional to make sure that the scheme is suitable for your requirements. You may also want to check affordability so that you are sure that you can afford to pay a mortgage. A lender will also check affordability, but checking your credit reports and reducing expenditure where possible will save time in the process.
Have a look at the different types of mortgage available, and familiarise yourself with them. A mortgage advisor will help you to decide, but knowing the differences between them will help. Once you have taken these steps you will be ready to start looking for your new home.
