Buying a home or investing into a commercial property for the first time is a huge decision. We at Mortgage & Lifetime Solutions will ensure that you have a seamless first-time buyer’s mortgage service in Bromley and acquire your new home with ease. With our 25 years of experience in the mortgage sector, we know the ins and outs of the industry. We can provide you expert advice and recommendations on which loan best fits your needs.
Getting Your First Mortgage
First time homebuyers need to consider several factors before acquiring a mortgage loan. There are considerable fees to cover before your soon-to-be mortgage payments. Firstly, you need to save up 5% to 20% of the cost of the home you’re eyeing as a deposit. With higher savings come better mortgage options. Next, you need to pay for the survey costs, solicitor’s fee, removal costs, building insurance, furnishing, and stamp duty, among others.
Applying for mortgage is as difficult as it is promising. Money lenders will want assurance when approving mortgages. You need to ascertain whether you can cover everything—from the initial costs to the monthly costs—otherwise they’ll reject your application outright. Also consider whether you’re going to acquire a freehold or leasehold for your first home. Various affordable housing schemes and mortgage programmes are available at your disposal; make sure you can keep up repayments on your mortgage.