Buying our first property was something that I’ll never forget. When we first moved in, we were waiting on both our sofa and bed, so we ended up eating Mcdonalds on the floor – a memory that will definitely stay with me forever. Getting onto the property ladder was a fairly easy experience for us and so I thought I’d share with you some of the things I learned when it came to getting a mortgage.
*This is a collaborative post.
Get A Financial Advisor
A financial advisor is probably the best decision we ever made when it came to getting a mortgage and we have our best friends to thank for it. They recommended getting a financial advisor in order to get the best deal possible. We had a lovely guy who looked after the mortgage process and the sale of our first property. We’ve also been in touch with him recently again for the sale of our property and also to talk about doing a buy to let opportunity with our savings. Having a financial advisor means you’ve got access to the whole lending marketplace. Lenders who are able to offer you a mortgage will be accessible through your financial advisor and they will basically act as a comparison checker, getting the best deal possible for you.
It’s definitely worth doing and we found it really helpful in getting the best option for what we could afford at the time.
Make Use Of The Online World For Guidance
The online world has SO much information when it comes to buying a property and it’s definitely something you want to take full advantage of. A useful tool to use, for example, is the MortgageCalculators website. It’s really useful when it comes to estimating your monthly payback calculations and calculating just how much of a deposit you’ll need for your property. It’s been around since 2008, so you can trust that it’ll provide the most accurate data possible. Having this knowledge to hand prior to going property shopping is going to ensure you find the right property and it also ensures you get accepted for a mortgage offer.
Pay Off Any & All Debt Where Possible
Paying off debt when it comes to buying a property is something that you must do sooner rather than later. Any debt that you have existing that perhaps on your credit card or in the form of a loan, will be considered alongside your mortgage application. You want to ensure that have as much available income as possible to tell the lender that you’re able to pay back the mortgage every month. Debt can hinder your numbers and so it’s good to rid yourself of all debt before applying for a mortgage.
Make Sure You’re Picking A Payback Rate You Can Afford
A mortgage offer might look like the best option on paper but at the end of the day, you know how much you’re able to afford when it comes to your mortgage payments. Try not to go with a mortgage offer that’s going to sting you every month when it comes to paying it back. That’s something you do not want when you’ve bought your first place as it can be stressful to cope with.
How did you find your first home buying experience? Are you looking to buy soon? Let me know in the comments below.
*Disclaimer – This is a collaborative post. All words are my own.
