Buying a home is one of the biggest and most expensive events in a person’s life. However, property is very expensive, so it is very rare that someone can afford to buy a home outright. They need a mortgage.Whether you’re a first time buyer, or looking to move house, the information linked below will help you on the path to becoming a home owner.
What is a Mortgage?
Homes are expensive. Even the smallest tend to reach past the £100,000 threshold, and a lot of people simply can’t afford this in absolute terms. In order to buy a home then, people usually have to take out a very large loan from a lender.
Before becoming a home owner, you need to make sure that you are able to afford it.
What to Look for?
While the lenders will be scrutinising borrowers, those who are looking to borrow also need to make sure that they scrutinise the mortgages that they are going to buy into.
Types of Mortgage
There are different types of mortgages, classified by the way the interest on them is charged, or how the interest rate changes over time. Each has its own benefits and negatives. You will have to shop around, consider all types of mortgages, see what is on offer, and work out which one benefits you the most.