Buying a property is a big step involving a substantial long-term financial commitment, so think hard about what you can afford. You will need to consider the assets you have - like savings - as well as the money that's coming in and going out.
Although it may reduce your buying options, you don't want to commit to a mortgage and then realise you can't afford some of the nicer things in life! It may sound obvious but take time to think of all the things you spend money on throughout the year, even without a mortgage.
For most people buying a property the biggest ongoing cost is the mortgage - simply a loan secured against a property. You can't sell the property without paying off the mortgage first and if you don't keep up the repayments the lender can repossess the property.
Because of the credit crunch, it is vital that you secure a mortgage with a lender before starting the searching process. This way, when you find the right property, you will avoid being beaten to it by another buyer and you will also be in a much stronger negotiating position.
Generally, the best mortgage deals are available to people who put in at least 15% of the property's value, leaving the mortgage company to lend the other 85%.
If you put in less than 10%, you may have to pay a "Higher Lending Fee" (sometimes called a Mortgage Indemnity or a Mortgage Guarantee Charge) which will add to the cost of your mortgage.
For mortgage advice book an appointment with our in-house mortgage adviser - 0151 322 2003 or visit www.liverpoolmortgagesolutions.com to view some of the current deals available.
You will need to consider what aspects of a property are most important to you: e.g number of bedrooms / bathrooms, parking provisions, separate kitchen and dining room, private garden etc.
By letting us know exactly what type of property you are looking for and the elements that you could possibly compromise on. Also inform us what you don't want and whether you have a mortgage agreed in principle. Register your details today and let us find your perfect property.
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