If you are a first time buyer, getting on the property ladder can be a daunting tasks. Yes, property prices have gone up in the past few years, but mortgage rates are quite low, which is good news for you.
30 years ago, the Bank of England’s rate rose to 15% (!), now it sits at a much more manageable 0.75%, which has a huge impact on mortgages.
The infographic below details the steps to take in order to buy your own home.
First, you should check your credit report, to make sure you are in good financial shape to buy property. Rectify any errors, review all the details to ensure you get the best mortgage rate possible.
Then, define your budget and how much you can afford. Select the type of mortgage that works best for your needs. Save up for a deposit, and reach out to your lender to get a decision in principle, which should facilitate house hunting.
Scroll down below to learn more!
great post!