It is often said that the most expensive purchase you will ever commit yourself to is for your home. There are very few people who are in the fortunate position of being able to buy a property outright. Most of us mere mortals will therefore need to obtain a loan, or mortgage, in order to purchase the home of our dreams.
Whether it is for a first time purchase, to move up the property ladder, or to purchase a second home in the UK or overseas, a mortgage will allow you to put that all important roof over your's and that of your family.
For First Time Buyers, most lenders are able to offer up to 95 per cent of the property value. The amount they lend will, of course, be dependent on the property value and your ability to pay back the loan. They will therefore take into account your job security and salary and any other financial commitments, such as car loans and credit card repayments.
For your side of the deal, you must ensure that you can comfortably afford your mortgage repayments, on top of the everyday financial commitments that go alongside owning a home. These outgoings would, of course, include council tax, utilities and insurance, as well as keeping some money back for property maintenance and repairs.
