Your Space Mortgages independent brokers have been in business for over 12 years, assisting clients with various areas. The community considers ours the number one establishment when it comes to helping first-time buyers Bristol has to offer. Whatever it is you’re having trouble with, you can come and talk to us about it.
Prior to looking at properties, you’ll have to save up for a deposit. Typically, you should aim to save between 5% and 20% of the price of the house you’re looking at. To give an example, if you wish to purchase a place that costs £150,000, you must save up £7,500 minimum. Saving more than the 5% shall allow you access to a greater range of cost effective mortgages.
You also need to make certain that you’re actually capable of affording the monthly repayments. For first-time buyers in particular, it’s essential that you do this. A smart idea would be to put a budget together before you start shopping around for deals.
Keep in mind that lenders have to be very strict when it comes to making sure you can make repayments. If there is any doubt you may struggle to get finance. In addition, a lender shall stress test your capacity to make the repayments if your circumstances change or if interest rates increase. The circumstances could be that you’ve started a family or gone into retirement. As a part of the entire procedure, you must reveal evidence to your lender of any outgoings and income.
At Your Space Mortgages, we do our very best to offer support. We have a reputation as the most reliable team working for first-time buyers Bristol has. We will ensure you stay on the right track throughout the mortgage process. Things might seem intimidating initially, but with us here to guide you, there shouldn’t be too many issues.
If you would like us to aid you, please get in touch. We look forward to hearing from you.