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How You Could Make £2,850 Per Month

Key factors to take in to account when buying your first home

Housing-Market / UK Housing Nov 24, 2018 - 10:52 AM GMT

By: Submissions


Buying your first home is a big step for many people in their lives. You are ready to branch out from the family home, but there are many factors that need to be taken into account before this can happen. Big deposits are now a thing of the past, and you can now put a cash deposit down of just 5% to secure your first mortgage on a property. This incredible offer is helping many to start a new chapter in their lives. Another brilliant offer can be found at the vr casino online, which has been a popular choice amongst many. Here we cover the key factors that need to be taken into account prior to buying your first home.

The Deposit is the number one factor of importance. Of course the larger the deposit put down, the better situation this will leave you in moving forward. This enables you to get a better mortgage deal on your future property. It is also important to take into account the additional costs that come with buying a home. This can include mortgage arrangement fees by your lender for example. Fees can also come from the likes of surveys, solicitor and land registry fees.

It is important to check over the mortgage market before deciding on the lender for you. Many could offer you a special deal, which in the long term could save you a lot of money. The whole market continues to change as the government helps people get themselves on the property ladder. Initiatives are likely to continue moving forward in the coming years. When saving there are also many schemes available that are built to help people get themselves onto the property ladder. This includes the help to buy ISA, which continues to be a very popular choice amongst first time buyers. There is also the new buy scheme, another which offers you an interest free equity loan on a new build property.

There are also shared ownership and equity schemes available. These are usually offered by housing associations, in which you borrow money to buy a share of the property. You then pay rent on the remaining proportion. Another popular choice for many. With the shared equity schemes however, you are buying the whole property, and take out a loan to fund the deposit within the agreement. Then how much you owe, will rise along with the value of the property. This could result in a fairly expensive option in some cases.

By Adam Walker

© 2018 Copyright Adam Walker - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2018 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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