Getting a mortgage is probably going to be the biggest financial commitment of your life so far.
For many people, securing a mortgage to purchase a house is a stressful process, with a lot of things to consider during the process.
From securing a deposit to providing evidence of your financial situation, there are good ways and bad ways of approaching this.
This part of the site will delve into everything when it comes to mortgages, from what times of mortgage are available, applying for a mortgage and the ins and outs of how they work.
Once you’ve digested all you need to know about mortgages, you will be in a much stronger position to secure a mortgage and purchase the right property for you.
Before we can think about putting together a mortgage application, we have to take the time to learn how they work.
A mortgage is much more complex than a simple bank loan, with added complications of changing interest rates and the issues that come with transferring a mortgage when you move properties.
These articles have been written to explain what a mortgage is, how they work and what is the best way for you to approach securing one for yourself.
Most potential buyers rarely think beyond simply ‘getting a mortgage’.
But in reality, much like a phone contract or car leasing deal, there are multiple types of mortgage to suit different types of purchase.
These vary depending on what the house will be used for and the financial situation of the buyer, with options available to suit everyone, depending on the ability to save a deposit.
These articles explore the different types of mortgage, from buy to let to fixed rate, with the aim of helping you decide which kind of mortgage suits you the best.
Mortgage applications can be a stressful process, with many people never adequately preparing.
There is far more preparation required than most people know, as every aspect of your financial life will be thoroughly examined to determine whether you are an appropriate candidate for a mortgage.
These articles aim to help guide you through the process, including what to expect from a mortgage adviser, and how to deal with a rejected application.
As with everything, preparation is key. Read through these articles before making your first application in order to better understand what you’ll be faced with.
Mortgage applications are just one side of the house purchasing process, you also have to find a house that you can realistically afford, building your mortgage around that.
However, finding an affordable home is not as difficult as you think.
Here at My First Property, we have a number of resources available to help you find affordable property all over the UK.
Key things to bear in mind are that some houses do actually drop in price, depending on a whole host of factors.
Alongside this, two areas within very close proximity of each other may have totally different housing markets, with one area being much more affordable than the other, despite the physical houses being similar.
Use our Mortgage Payments Calculator to determine what you might be paying each month.