There’s excitement when you approach estate agents in London Bridge in search of your first home. You have a vision in your mind of the property you want and how it’ll look. It’s a fun time to buy your first home. There are, however, a few things that you should know before venturing into the property field. So, what should every buyer know before they purchase their first home?
How much you can afford to borrow
First-time home buyers often get caught up in the excitement of property hunting and don’t think about what’s actually affordable to them. For example, you see a home that’s valued at £557,500. You love it and want to put an offer on it. You earn £2,500 per month and the mortgage payment on the home will cost £1,750 per month.
It’s a tight squeeze and something many mortgage lenders will think twice over. So, when you work with estate agents in London Bridge, you need to fully understand how much you can afford to borrow. Remember, you want a home that’s practical and affordable.
Sizeable deposits bring down mortgage payments
Let’s say you found a property for £225,000. Instead of putting down the standard ten percent deposit, you put down twenty-five percent. It will look favourably on you with mortgage lenders. Plus, it will help to lower your monthly mortgage payments. For instance, instead of paying £2,000, you pay closer to £1,200. It’s a big amount to save. First-time buyers should always think about deposits and if it’s possible to increase them. Estate agents London Bridge will often advise you on such things.
The right mortgage must be chosen
When you’re buying a home, you should work with estate agents London Bridge to help source a suitable mortgage. This is an area that needs expert skill because estate agents London Bridge typically have access to more mortgages than you would alone. It can make a huge difference and ensure you find a mortgage that’s suitable for your current financial situation.
Estate agents in London Bridge will make the search easier
Buying a home isn’t always easy. You have to find the perfect home in the right location and for the best price possible. A lot of factors must come together to secure your dream home. First-time buyers can especially find the process difficult, especially in this tough property market. Using the services of estate agents in London Bridge could make the task easier on all fronts. You should always consider using the services of an estate agent.
Find your dream home
Buying a home for the first time can be incredibly fun. It’s your first step on the property ladder and it can be your haven. Of course, buying can be tricky if you’ve never ventured into this field before. You have to know a few things first, including how mortgages work, which one is suitable, the size of the deposit will impact your mortgage payments, and more. Estate agents in London Bridge can make the process easier and guide you through the search and sale of your first property.