Factors To Consider When Taking On A Mortgage Deal

Buying a house can be the most expensive financial commitment you will make through your entire lifetime. Before house hunting, it is important to consider what mortgage you will be able to obtain.

So you are fed up of being a tenant and want to manage your own property. Managing your own property can be difficult, repayments and other important commitments have to be made. Always work out if you can afford to run a flat or house before deciding to go see anybody.

A mortgage lender will lend you between three and four times your gross salary, there are lenders out their who will lend you much more, with this, you have to consider the interest rate as it would be a much higher rate. If you get other source of incomes from bonuses or commission, explaining this to your mortgage broker should be another personal factor.

When first-time buyers want to get on to the property ladder, affordability is one of the main concerns. A lender will look at your bank statements and your regular outgoings, after they would calculate how much you are able to borrow. If you are already 'on the limit' with credit cards and personal loans, you may not get offered as much.

When you have exchanged contracts and have successfully agreed upon a mortgage deal, at this stage you would have gone through a huge financial crisis, it does not end here. You have to value all factors from moving costs to furniture costs. If the house needs renovating then this could be another cost. Always plan how much money you will need, to go through the whole process;

1. Obtaining a mortgage
2. Fees
3. Commissions
4. Transport (moving)
5. Home improvements

Stamp duty is payable on a property valued at over 125,000. Yes, it's a tax which has to be paid.

Below is an example of how it all works!

Property Value
125,000 or less: Nil
125,001-250,000: 1%
250,001-500,000: 3%
500,001 or more: 4%

For a Mortgage Quote please visit www.mortgagequotes.me.uk

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