Are you interested in buying a new home or apartment? Do you have limited finance? Most of us do, so you’ll need to source the right mortgage for you to ensure you’re getting the right deal. You’ll have to choose a property that is your financial range and while being suitable fro your needs. Check the market value of the property and take expert advice on a mortgage, especially if it is your first time buying. There are some things to consider in making a decision and this guide will help you through them.
In recent years in the UK, there has been an explosion of new-build apartment complexes in many prime locations throughout the country. Moving in a new property is always a challenge, especially for people who are new to the property market and it is their first time to own their own home. Here are some basics that everyone should know before mortgaging a new property.
Know Your Rights
Are you buying a used property? It is wise to have the entire building assessed for condition and to ascertain whether it needs any repairs or not, you will need a professional surveyor for this task. If the property is in poor condition or needs work done that was missed in the survey it could end up being very costly for you. Be sure if there are any repairs or work promised by the seller prior to your entry that you have these in writing and that they are carried out before you take charge of the property.
Take the Advice of The Mortgage Service
It is a good idea to thoroughly compare mortgage rates of various lenders in the UK. Thankfully you don’t have to do all the leg-work yourself, use an online search engine such as online mortgage broker Habito this will give you access to many lenders and pick out the one which is best for you. A traditional broker will cost you a lot more and could end up be a much longer process delaying you getting into the property. The online team will cut through the jargon and plainly and simply help find the best deal for you.
Establish Ground Rules
Make sure you read your mortgage contract from start to finish and if unsure ask expert advice to clarify any issues; this will help you in the long run. Keep a copy of your mortgage papers in a place where you can easily find them should you ever need them, searching for documents is never fun if you’re in a stressed situation.
In addition to being prepared with your mortgage documents always be sure to know if there are any building or neighbourhood rules in your new building or area, it is not uncommon for there to be social guidelines and regulations distinct to a particular apartment area or housing estate.
Make A Checklist
Now that you’re a proud home-owner keeping track of everything in daily life can often be a challenge, so with work, bills, food shopping and having a social life be sure you keep on top of your mortgage payments and just as importantly any correspondence from your lender as various types of mortgage can change after a period of time, so don’t be caught out by any nasty surprises.
Deal with Problems
It’s your home now and you need to take full responsibility for it, repairs and issues are no longer the responsibility of a landlord. Remember to take care of things quickly so a small problem doesn’t turn into a large one. Also if a repair is beyond your skills don’t feel ashamed to call in a professional, it could save you much more money in the long run to get something fixed properly first time. Finally don’t forget to take out buildings and contents insurance, and you’ll find in most cases this will be a condition of your mortgage anyway. So good luck in your new home and if you keep to this advice it’ll surely be a long and happy stay.