Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000. Mortgage guarantee scheme - The scheme opened to new 95% mortgages from April 19 2021. You can buy anything from 25% to 75% of the property but you're restricted to specific ones. Shared ownership - Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can save up to £4,000 a year and the Government will add 25% on top. Lifetime Isa - This is Government scheme gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. They will typically ask for more details including outgoings, credit cards and loans. You can find out how much you need to repay by using thorough calculators by banks and building societies. How much do I need to repay monthly for my mortgage? You may also need to provide documents such as utility bills, proof of benefits, your last three month's payslips, passports and bank statement. Remember, that you'll have to pass the lender's strict eligibility criteria too, which will include affordability checks, and looking at your credit file. You'll also have to decide if you want a fixed-deal where the interest you're charged is the same for the length of the deal or a variable mortgage, where the amount you pay can change depending on the Bank of England Base Rate. If you're getting confused by all the deals on the market, it might be worth you speaking to a mortgage broker, which will help find the best mortgage for you.Ī broker will typically cost between £300 and £400 but could help you save thousands over the course of your mortgage. All the banks and building societies will have their offers available on their sites too. Websites such as MoneySuperMarket and Moneyfacts have mortgage sections so you can compare costs.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |