First Time Buyer Mortgages Crystal Palace

Why Choose a First Time Buyer Mortgage?

Before settling on a first-time buyer mortgage, it’s a good idea to consider a few factors. For starters, you’re going to need to save up a good portion of your home’s total cost to put as a down payment. This is typically between 5% and 20%.

Keep in mind that the more you put down, the better your mortgage options will be. In addition to your down payment, you need to set aside money for the following services:

• Building insurance
• Removal costs
• Solicitor’s fee
• Survey costs
• Stamp duty
• Furnishing

As you can see, there is much to consider. Applying for the right mortgage can be a challenging process, which is why it’s so important to have an experienced mortgage advisor assisting you along the way.

Your lender is going to want clear assurance that you can manage your monthly payments without difficulty. Therefore, you need to first make sure that you can easily and comfortably make your monthly payments without issue.

It pays to have a backup plan in place, as well. You never know what the future might bring, whether it’s a medical emergency, car accident, job loss, or any other unexpected surprise. When your expenses outweigh your income, you need to be sure that you can meet your monthly mortgage obligations.