When it comes to buying your first property it can be pretty tough, you need to find out how to get enough money together, which also isn’t easy. First what you need to do is find out what size mortgage you can afford. Sort your mortgage covers all the aspects of working out how much you could borrow, this offers you other ways on to the property ladder along with a whole host of tips to get you started. A deposit is the most important aspect of getting on the property ladder for first time buyers. The first time buyer mortgage deposit is the amount of money that the buyer is expected to provide towards the purchase of a property and to a secure mortgage. Also you will need to ensure that you are realistic when working out exactly how much you can afford to spend on your new house. When looking at a property always take an experienced home buyer with you for example a parent or a friend. |
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When it comes to home insurance, the buildings element is compulsory, but you do not have to take out contents insurance. Surprisingly life insurance is not a compulsory insurance, but you would be foolish not to arrange this cover, particularly if you have a partner or children or other dependants. MPPI stands for Mortgage Payment Protection Insurance. It is not compulsory, but can be invaluable if you lose your job, get sick or have an accident, and lose your income. As well as MPPI, you could consider Income Protection or Critical Illness insurance for added protection. When you buy a freehold property funded by a mortgage, you are obliged to take out building insurance. This cover pays for the cost of rebuilding, should your property be burnt to the ground or need shoring up if it suffers subsidence. It is also advisable to insure the contents of your home.Some of the insurance pros are that the right insurance gives you peace of mind and that competition means you can shop around for the most competitive prices. Some of the insurance cons are that if you do need to claim, insurance is invaluable and insurance does add to your monthly costs. |
This will become law for all homeowners with four bedroom properties and larger in England and Whales who put their homes up for sale from August 1st 2007. The government has indicated that the home information packs will be phased in for smaller properties as well but no set date has been put in place. The only information is that they said it is dependant on the number of accredited energy assessors rising. Home Information Packs will bring greater certainty to the whole home buying process and speed up transactions. The government has also said that the Home Information Pack scheme will now be covering three-bedroom homes in England and Whales starting September 2007. The estimated cost of a home information pack is between $250 and $600. |
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The le to buy mortgage is another mortgage product available to customers which offers an alternative to the popular "Buy to Let" option. This mortgage works by allowing you to borrow money to buy a new home or to move into, while your existing residence is let out to tenants. When your ready to make a purchase your mortgage lender will calculate the maximum that they are prepared to lend you and not take your existing mortgage into account as a commitment as long as the rent covers the existing mortgage payment. A deposit may be needed for the new mortgage but this may be released from the existing property by remortgaging or a second loan. |
Professional mortgage are mortgage products designed for doctors, dentists, accountants, solicitors, teachers, vets, and pharmacists. And in some cases nurses are classified as professional with in this mortgage. This mortgage scheme allows higher income multipliers to you as a professional allowing you to borrow higher than the mortgage lender would normally allow you to borrow. Also some lenders will allow you to borrow 100% of the valuation or purchase price on the property but a mortgage higher lending fee may be charged by the lender. Also professional mortgages can be agreed on an interest only basis for a set period of time by the mortgage lender. This will help newly qualified professional people to switch their mortgage to a repayment mortgage in the future. |
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