First time buyer mortgages
The biggest financial commitment any person undertakes in their life is their first home. There are thousands of packages available which are so confusing for the first time buyers. It’s always difficult to understand the terminologies involved for a first time buyer mortgage uk.
Considering the fact that your rental payments are a big chunks in everyone’s monthly budget which eventually going down the drain, a property is always a good investment.
Amount of first time buyer mortgage uk you can get depends on your income. Usual multiples are 3.25 times the gross salary of single borrowers and a couple can get additional one times the second income. That means a 2.5 times the combined income of both of you. It also depends on the down payment amount that you can afford to pay.
First time buyer mortgage uk should be aware that some lenders will only lend you a certain percentage for your property value, The amount of the mortgage expressed as a percentage of the of lender's valuation of the home is the loan to value (LTV). If you have no initial deposit at all, you will need a loan to value of 100% first time buyer mortgage uk.
Other expenses first time buyers should be aware of is that buying the house is only a small part of the costs you are liable for. You have to pay stamp duty, which is 1% of the purchase price for properties between £60,000 and £250,000, then 3% up to £500,000 and 4% over that amount. Plus you have to pay for the survey, the valuation, and the solicitor’s fees.
After buying a house there will be other expenses that the purchaser should be prepared to pay. You may require some money for renovation, council tax etc
More-First time buyer 1, 2, 3 , 4, 5, 6, 7, 8, 9, 10 |