Mortgages often cause stress in experienced people looking for the best remortgage deals, so what chance have first time buyers got? Are you a worried first time buyer? The rising house prices, not only in Dorset but also throughout the UK, have caused a great deal of concern for most of us. However, for many first time buyers thinking about taking out their first mortgage, the rising house prices are making them nervous about even looking into buying their first houses. In fact, it might not be as daunting as it first seems. So, what do you really need to know about getting your first mortgage?
There is a solution to most things in life and getting your first mortgage is no exception. If you are prepared to do a little research and ask for advice you will find that there will be a mortgage to suit your personal needs. Recent surveys suggest that more and more first time buyers are using the Internet to do this initial research, so why not follow their lead? Initially you should be researching:
· Houses prices in the UK in general
· Deciding upon which area you would like to live in, e.g. Dorset
· The prices in that desired area (and whether this is affordable)
It is then essential that you sit down and work out how much money you have for the deposit and how much you will be able to afford to spend on your mortgage repayment each month.
Armed with these pieces of information you should then seek the advice of an independent mortgage adviser. Here are a few guidelines for how to tackle this initial meeting:
· Don’t be afraid to ask questions
· Ask about special deals for first time buyers
· Make sure the adviser gives you a range of mortgages to chose from
· Check if you might be able to use your parents as guarantors for your mortgage
The main thing is to be up-front and honest. Remember; a good, professional Mortgage Adviser will do their up most to find the best deal out there for you. At MEM Mortgages this is certainly our top priority. We aim to provide all of our customers with the best mortgages out there so that they will come back to us again and again. If you are a first time buyer and want to discuss any of the above or you would like to know where to go from here on in simply give us a ring and one of our experienced advisers will be more than happy to help.