Before you buy
Here are some important things that you need to check before taking on a mortgage.
How much will my mortgage cost?
When looking at what the cost of a mortgage might be this isn’t a question with a straightforward answer, so it’s always a good idea to consult with a specialist to get a complete estimation. We are knowledgeable and have a vast experience in finding the most suitable mortgage rates, and we’re always available to help.
How much can I borrow?
The amount of money that you can borrow will depend on many outside factors including whether or not you’re a first-time buyer. You can enter your details into our mortgage calculator to get a close estimate of what your mortgage cost might be.
How much deposit will I need?
When it comes to deposits, as a first-time buyer, the deposit on a mortgage will typically need to be around 5% of the value of the property you want to buy. Most lenders consider home buyers with bigger deposits a lower risk to invest in, so if you are able to save 10% or 20%of the deposit, you’re likely to access to a range of mortgages at better rates.>
How much does it cost to buy a house?
The mortgage is not the only expense you’ll need to take into account. There are other one-off charges and fees such as: deposit, lender’s arrangement fee, valuation fee, legal fees, booking fees, stamp duty/land tax.
How much stamp duty will I pay?
We have a Stamp Duty calculator that can help you estimate that!
How about renting instead?
That’s a good question. If you’re planning to live in the house that you intend to purchase for the rest of your life, owning it will provide you with an asset.
How can GTP help you with your mortgage?
We’re here to help you save both time and money. Our consultants have extensive experience, which we’ve gathered over the years. We have access to hundreds of products across the whole mortgage market and are happy to advise on the most suitable products and services for your needs.
How should I choose a property?
The right place to start when you consider to buy a house is the location. Once you’ve decided on that, you can look at what you want from your home. Would a house or flat suit your needs better? It’s certainly advisable to consult with multiple estate agents, so you don’t miss out on any suitable opportunities. The more estate agents you talk to, the more deals on offer you’ll be able to compare.
Becoming a landlord
Before you become a landlord, you should work out the potential annual income you can achieve through the rental price. You should also look at the capitalisation rate, which is the rate of return you can expect on an investment property. The higher the rental price, the better. We’re here to help you look at all the costs you can expect to encounter when looking at this type of investment.
When buying a property with an intent to rent it out there is a special type of mortgage that you need to apply for. We actually have advisers with extensive experience and knowledge about buy-to-let mortgages, so give us a call or check out bestbuytolet.co.uk for more details.