Our homes have become more important than ever, not only for eating and sleeping but for other needs like working from home and exercising. And while some homeowners will decide to upsize and buy a new property, others take the opportunity to plan home improvements
Are you planning some significant home improvements such as an extension or conversion this year? Wondering how to pay and whether you can raise funds from your mortgage to do it?
Improve your chances of first-timer buyer mortgage success.
If you are planning to buy your first property, one of the initial steps is to apply for a mortgage. This process requires an assessment of your creditworthiness by lenders. When they carry out their assessment, it will include an evaluation of your credit report which details all the information on how you have managed credit in the past, including late or missed repayments.
Getting a mortgage is a big step towards buying a home, and is definitely cause for celebration. Your mortgage deal might have been competitive when you first got it. However, by regularly reviewing your mortgage and remortgaging when an appropriate deal is available, you could save a lot of money, amounting to thousands of pounds.
A major factor that has increased property prices has been the shortage of homes to sell to match demand in many areas. And despite the increase in property prices to ‘new all-time highs’, the typical mortgage payment has ‘not been high’ by historic standards compared to take-home pay, largely because mortgage rates have remained close to all-time lows.
