March 20, 2017
Here at Bespoke Support Network, we understand the struggle these days to get yourself onto the property ladder. Here in Essex and the surrounding areas, it is especially hard. Buying a house is probably one of the biggest investments you will make in your lifetime. Our support services are based in Essex and are here to help. Here are some of our top tips to getting your first mortgage.
First things first it’s important to save a deposit. As soon as you can afford to do so, it’s a good idea to start putting money aside ready for when you find your perfect property and need to start your mortgage application. To save a good percentage on a house can take a number of years so the quicker you start to save the better.
If your income isn’t sufficient it can sometimes be worth considering a joint mortgage. This option is becoming increasingly popular where people are choosing to combine their incomes to help them afford a mortgage. However there are drawbacks to this as you will only own a 50% share of the house. It can be a big commitment to make so it’s always important to be sure before going ahead. Usually people choose to do this with a partner, sibling or close friend.
When deciding to purchase a house having a good credit rating can be make or break. If you are applying for a mortgage you will have to go through all the relevant credit checks to see whether you will be able to keep up with repaying the debt. If you have any outstanding liabilities, where possible it is almost always better to pay that off first.
Another option, which is becoming increasingly popular for younger buyers is to use the help to buy scheme which can help to kick start your saving. The government have introduced this to help first time buyers onto the property ladder. The scheme so far has helped over 88,000 people to buy their first home.
Our team at Bespoke Support Network are here to help. We understand how high the prices are for houses in Essex. Chelmsford for example is becoming progressively hard to purchase as the increase in prices is continually rising. Our team of advisors can offer you support, for more information contact us today.