House-Buying Tips from Financial Advisors

It remains a daunting task for younger people to get on the property ladder, as larger deposits are required and the increased competition is still there. It’s an investment for the future and an asset that will grow in value to provide security for the family. Financial advisers play an important role in the house-buying process, and they have some top tips that will put prospective homeowners on the right street.

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Getting on the Ladder with a Deposit

A sizeable deposit is needed, so it’s best to start saving early. Maybe you could open an ISA. A minimum of 10% of the purchase price is recommended – otherwise, interest rates will soar, making the mortgage unaffordable. It’s worth bearing in mind that additional funds will be required for solicitor fees, surveyors and your financial adviser, if applicable. Prospective buyers with their eyes on a house worth less than £300,000 can save on stamp duty too so it may be worth starting small.

Browse houses only within your price range and work out the maximum cost per month that you are willing to pay for a mortgage. If you are renting, then you probably have a rough idea of how much a mortgage will cost, but if you are still living at home, the payments may take some getting used to.

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Professionals Can Advise Buyers

Purchasing a property is like navigating your way through a maze, but there are professionals on hand to assist with the process. Seeking financial advice is paramount, and financial advisors will be able to work out how much you can borrow. A financial adviser can provide the independent help needed to secure a mortgage suitable for your needs. These professionals use software for financial advisers to arrange financial products for clients. There is a range of products on the market, and if you are a professional looking to obtain the best possible deal, you can click here to get options on software for financial advisers.

According to The Guardian the property market is still benefiting first-time buyers. Prices increased by less than one percent in April. That’s according to Nationwide.

Demonstrate to sellers and agents that you are serious about buying, look at plenty of properties and decide what home you want – then make the offer.

 

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