Getting a mortgage for the first time is very daunting – most people will only get one mortgage during their lifetime, although they may decide to re-mortgage their property at some point. Buying a house or apartment, especially an expensive one in the centre of London, can come with many problems and issues, and can cause you a lot of anxiety and stress throughout the whole process. However, at the end of it, you will hopefully have the property of your dreams that will serve you well for several years and increase in value as time goes on.
Decide whether you’re doing it alone
If you’re in a long-term relationship or you have a marriage partner, you should think about getting a mortgage together rather than alone. Not only does this mean that you can combine your income and get a larger mortgage, but you’ll be able to make the repayments together. It’s a very big commitment, however, and if you’re not married, you should discuss it very carefully together. Think about it practically and don’t be too worried about upsetting your partner by mentioning the possibility of breaking up in the future and having to sort out the mortgage documents and finances.
Find a good estate agent
While you can’t get a mortgage with an estate agent (this has to be done through your bank or other building society), you can often get a lot of help from the estate agent you are using. They may have a mortgage broker who you can speak to – they will often be able to get you a better deal than you are being offered. Even if you don’t end up going with the deals provided by the mortgage broker, it’s a good idea to get as many options as possible to consider. A good Clerkenwell estate agents is difficult to find, but great customer service, timely responses and great advice are the main things to look out for.
Take your time
Many people rush into getting a mortgage, but it’s important to take your time and make sure you understand exactly what you’re signing up for. If you change your job, earn less or come out of work altogether, it could cause big financial problems for you since you may not be able to repay the money you have borrowed. If you cannot repay the money, your home could be repossessed. This means that not only will you be unable to get a mortgage or loan ever again, but you could have difficulty finding somewhere to live and will have wasted any repayments that you have already made on your mortgage.