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Taking
your first step on the property ladder can seem a daunting
and overwhelming prospect; we are here to help you.
Almost all estate
agents are owned by an insurance company and press their first time
customers to take their mortgage and insurance products. The best
option is to let us do the 'shopping around' and find the best deal,
many lenders that we deal with offer special deals to first time
buyers.
Where to go?
• Building Society
The historical home of mortgages, most building societies have national
branch networks and offer a full range of mortgage options.
• Smaller Society
Smaller societies also offer mortgages with the advantage of also
offering a great deal of local knowledge and understanding.
• Banks
The banks have cornered the majority of the mortgage market in the
last few years, many former building societies converted to the
banks in the 1990s.
Mortgage
Locator
does the legwork for you - applying your personal circumstances
and needs by searching from over 4,500 mortgage products
from 150 lenders (Banks; Building Societies and Specialist
Lenders) to find you the best deal around. |
How much is feasible for me?
The first and most important step is to decide how much you
can afford, work out a budget and stick to it. The mortgage
available to you will largely depend on your monthly income
and outgoings.
This is quite simple. What are your monthly outgoings, such
as credit card repayments, utilities, car etc...? Now what is
the positive difference between your monthly income and your
monthly outgoings? This figure is your affordability; how much
you can realistically allocate to spend on your mortgage.
Other easily forgotten costs tied up with buying a property
include legal costs, stamp duty, a deposit and mortgage guarantee
charges. Don't forget them!
Mortgage
Locator
operates a friendly advice centre where you can ask
the questions you are unsure about and our team of helpful
experts will offer you the best impartial advice possible
in your situation. Call us now. We can help you immediately.
08704 28 28 29*
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How to repay?
There are two basic methods of repaying a mortgage - repayment
or interest-only.
Repayment: guarantees the loan is paid off
in fall at the end of the agreed term, but you will need to
arrange separate life cover.
Interest-Only: You pay interest only to the
lender throughout the loan and pay back none of the outstanding
debt until the end of the term. |
