It can be so exciting when you are looking to purchase your first home, especially if you were previously renting or living in your family home and wanting to venture out into the big wide world on your own or with a partner or friend and own your own place.
Before you start looking at houses or flats it’s so important you sit down and work out how much you have as a deposit and what you can afford. It can be difficult to know what you can afford in terms of a mortgage. There are lots of great online tools that can help you work out how much you can realistically borrow for a mortgage.
Image credit: pixabay
The government also have some great advice which can help, especially for first time buyers as they have a really good help to buy scheme. It’s important you spend time looking online at all of the different advice available, especially if you are struggling with guidance when looking to apply for your very first mortgage.
It’s important to take age into consideration when applying for a mortgage as you need to calculate how many years of work you think you will have to then work out what term is best for a mortgage, typically mortgages are 25-35 years long but they all depend on the amount borrowed and your age.
I wish I had known about this when we applied for our first mortgage as we had no idea what we were going and had to have so many appointments with the estate agents and the bank trying to sort things out and they wanted so much information from us and working out what you can borrow can be tough if you also have a job that earns commission as they wonky want to take into consideration your basic wage as that’s guaranteed money. They also look into all your spending as it’s important to work out that you get a mortgage you can afford. This online tool is so easy to use and also comes in really handing when wanting to remortgage.
You may be looking to remortgage if your finances change or if you want to borrow more money for an extension or work on your property or even if you wanted to move. It can be so hard to know where to turn to or who to go to for advise so using an online calculator to work out what you can afford if you remortgage is really helpful.
Sarah x
