We all make mistakes but some can prove to be far more costly than others! Take mortgages for example. Seeking a new mortgage or remortgaging in Shropshire can prove to be a nightmare for people who have done it all before but for first-time home buyers it’s likely to be even more challenging.
Dwello Mortgages is here to smooth that rocky road for you whatever your mortgage requirements and there really is no substitute for getting the best advice possible to achieve this – in short, that means Dwello Mortgages in Telford but covering the whole county and beyond including Oswestry, Shrewsbury, Market Drayton, Ludlow and anywhere in between.
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Getting a mortgage for the first time is like taking a trip into the unknown and today we are highlighting the top 10 mistakes first-time home buyers in Shropshire should be aware of:
- Test the water – It’s always a good idea to sound out the sort of mortgage deal you are likely to get before looking for your first home. It will confirm what you can afford and could give you better bargaining power when it comes to negotiations.
- Check your credit rating – Reviewing your credit rating is an essential early step in seeking a mortgage. Try to improve your rating and remember that any issues you may be unaware of are probably going to affect your eligibility and interest rates.
- Set a realistic budget – The temptation may be to borrow the maximum offered by the lender but it is essential to consider your overall finances to ensure you will be able to meet your monthly mortgage payments, along with other regular household bills.
- Factor in the additional costs – Mortgage repayments are not the only additional outgoings faced when buying a home in Shropshire for the first time. Legal fees, estate agent fees, insurance and ongoing maintenance should be considered when drawing up your financial plan.
- Keep a little in reserve – We know you will want to pay as much as you can on the down payment as it will reduce the money you need to pay back, but don’t drain your savings entirely to do so. There are always unexpected costs and other financial setbacks to be considered. Taking out a mortgage is a long-term commitment and who knows what financial challenges lie ahead.
- Get the right mortgage – Understand the different types of mortgage that are available in Shropshire and choose the right one for you. Factors to consider are your financial situation, the length of loan and the level of monthly repayments. Of course, the best way to achieve this is by adding Dwello Mortgages to your team.
- Shop around for rates – Mortgage rates vary from lender to lender so get different quotes, compare them and then select the best one.
- Ensure your mortgage deal is as good as you think it is – Make sure you understand the mortgage arrangement you are entering into. Check the interest rates and read the small print for any other changes that could surprise you in the future, along with any payment penalty details.
- Keep a roof over your head – You will want to move into your new home as soon as possible but if you are currently renting try to align the dates as far as you can between giving notice and leaving one property and moving into the new one. Problems can occur, such as being in a chain, which are out of your control but ensure as far as you can that you don’t end up homeless.
- Seek professional advice – We started our blog by highlighting this but we really can’t stress this point enough. Not seeking out professional guidance is one of the biggest mistakes first-time home buyers in Shropshire can make. We have a wealth of experience within the industry and are ready, willing and able to give you the benefit of our expertise. Give us a call today to find out how we can help you.
Our principal mortgage adviser and company founder, Nathan Blissett, is waiting to help you.
