Getting a home is the biggest commitment of your life; it can be a very stressful time but also a very exciting time in your life. I’ve put a number of bits of advice for those looking for a first time buyer mortgage to hopefully ease those stresses and show by doing your research and following these tips it doesn’t have to be a nightmare!
I’m sure it is now common knowledge; it isn’t quite as easy as it used to be get a mortgage as lenders reel in on the crazy amounts they were lending to borrowers. With property prices going to be higher in Edinburgh than other parts of the country getting an Edinburgh first time buyer mortgage is going to be tough.
To put yourself in the best position to be approved for a mortgage, first off ensure you can afford it. There are many calculators on the internet that will let you work out exactly how much you can afford to pay. There are many other useful calculators including the next one to use, how much can I borrow. This will give you an estimate of the amount a lender is likely to allow you to borrow based on your salary and any partners salary.
The next item is deciding on which type of mortgage to go for. The two main types are interest only and repayment. With interest rates so low now is a good time for an Edinburgh first time buyer mortgage that repays as you can clear a good chunk of the mortgage.
If you are unsure about the different mortgage types there are many sources on the internet or you could go to a mortgage broker who can give you expert advice face to face.
Once you have a better idea of what you can afford and what mortgage you can get as a first time buyer then you can start a proper search for the property.
Following this advice will ensure you are in the position to obtain a mortgage and in the long run you don’t waste time looking at properties which you can’t afford…Although it’s always nice to look!