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A Roof over your Head
You may be considering or have already made the decision to live independently and put a roof over your head, by opting to either buy or rent a property. If you are planning to buy a property there are various factors to consider, such as the type of mortgage, conveyancing costs, stamp duty etc! Alternatively you may be looking to rent a property.
Renting
To qualify to rent a property you must be earning 30 times the monthly rent. For example, if the monthly rental is £1,000 you will need to have a guaranteed annual income of £30,000 (30 x 1,000). You will also need to pay a deposit upfront, equivalent to 5 weeks rent. To calculate the deposit, times the monthly rent by 12, divide by 52 and then times by 5. In this example, the deposit will be 1,000 x 12, divide by 52, multiply by 5 = £1,154.
Mortgage types and terminology
Before buying a home, you should familiarise yourself with the different mortgage types and terminology. Understanding the various mortgage types and options will help you choose a mortgage that is best suited to your requirements. The main types of mortgages are fixed rate, tracker and variable rate.
Home buying process
Buying a house is one of the most expensive purchases you will invariably make, making it both stressful and daunting as a first time buyer! To learn more about the steps involved in the home buying process click on the link.
Paying off your mortgage
There are advantages to paying off your mortgage sooner, the main benefit being reducing the amount of interest that you pay on the mortgage. Click on the link to learn more.
