Chosen the Home? Now Choose How to Buy It!


Choosing a new home is an experience that can be exciting, daunting, and very time consuming, but when you find that perfect home you will probably find that it has been worth all the stress and time that has gone into looking for it. Whether you are moving home or you are buying your first home, realising that you have found just what you wanted can be a wonderful feeling. However, once you have found the perfect home you need to move to the next stage which is working out how you are going to buy it!

That Word: Mortgage


Unless you are one of the lucky few to have had a windfall or you just happen to be wealthy enough to pay for your new property in full, the chances are you are going to need a mortgage to buy your new home. Many people automatically assume that finding the right mortgage is going to be a confusing, daunting and difficult experience, particularly in the current climate. However, in truth, the mortgage market is still highly competitive and with the base rate at rock bottom, there are some really good mortgage deals out there, so all you need to do is work out which mortgage is going to best suit your needs.

There are several steps to take in order to find the right mortgage with which to buy the property you have found:


  • You need to work out how much you can afford to pay out on a mortgage each month based on your income and outgoings, as this will determine whether you can get the mortgage that you need based on affordability. Make sure you go through your finances with a fine tooth comb and consider all the other costs associated with a new home such as home insurance costs, contents insurance, etc.


  • Once you have found and chosen the home you want, you will obviously know how much you need to raise by way of a mortgage by looking at the total price of the home and subtracting the amount you already have by way of a deposit. Of course, there will be extra costs to take into consideration such as surveyors and solicitor fees. However, you will have a good idea of the amount you need to borrow to buy the property you have found.


  • There are many different types of mortgages on the market and a variety of lenders to choose from. With the information regarding your maximum monthly repayment capabilities and the amount you need to borrow at hand, you can start looking at the various mortgages to see which is going to suit your needs and circumstances as well as fitting in with your budget.


When you are looking at different mortgage in order to buy the home you have chosen, you should bear a few important factors in mind, as these could affect your ability to get the mortgage you need. This includes:


  • The minimum deposit level required may vary from one lender to another
  • Your ability to borrow the amount you need will be affected by the state of your credit history and rating
  • Maximum lending levels can vary from one provider to another, so you may find you cannot borrow the amount you need with one lender but you can with another

You have a lot of choices nowadays, one of them will be the right one!


Author: Laura

A 70's child, I’ve been married for a Very Long Time, and appear to have made four children, and collected one large and useless dog along the way. I work, I have four children, I have a dog… ergo, I do not do dusting or ironing. I began LittleStuff back in (gulp) 2004. I like huge mugs of tea. And Coffee. And Cake. And a steaming cone of crispy fresh fluffy chips, smothered in salt and vinegar. #healthyeater When I grow up I am going to be quietly graceful, organised and wear lipstick every day. In the meantime I *may* have a slight butterfly-brain issue.

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