|A Guide To Moving House|
• Getting A Mortgage
• Using An Estate Agent To Sell Your Home
Getting A Mortgage
Since the building industry in the UK is slow and the demand for housing is constantly increasing, buying a property without mortgage is next to impossible unless you already have a lot of money to spare.
Most mortgage deals offer variable or fixed interest rates. Since the economic crisis a few years back, fixed ones have not been so popular. Because of the lack of state involvement, most deals are being offered by mortgage brokers, large building groups and societies and banks, each of which come with a wide variety of payment plans of both fixed and variable rates.
Annual income is a major factor in whether or not you will get a good mortgage deal. Usually it can go up to 3 or 4 times your annual income. Having the option to combine your salary with a spouse will result in a huge increase, when the combined incomes are multiplied. Even though there are houses in the northern UK region that can be as low as 40.000£, if you want a good house that is not in the rural area the price will be significantly higher and could even have a starting point of 150.000£. Combined income mortgages offer for more flexibility in the market. Given the fact that most investors tend to buy apartment blocks for reselling purposes, houses are in great demand thus coming at huge prices in the more busy and populated regions.
Along with your financial status, age is also important. To get a great deal, it usually helps if you are younger. People that apply for mortgage deals in their 20s can get up to a 32-35 years loan while people over 50 are more likely to only be offered 12 years. However, having a great pension plan can help increase that amount to around 20 years, which is more than sufficient. Given the fact that most mortgage brokers are expecting people to pay the money before they retire, the most common mortgage offered comes with a 25 year plan.
When making a deposit, the amount of money you have available to put down matters a great deal. The bigger the deposit made, the lower the interest rates will be. Making an effort to save up more money before applying for a mortgage will be a good way to make things easier in the long run. In order to be sure you don’t spend most of your monthly salary on the mortgage, consider weighing the option of postponing your decision into purchasing a house. Given the fact that nothing comes cheap in the real estate and loans business, a large sum to start this with, is mandatory. This is also why most young people do not go around buying property even though they have the best chances In getting very long term mortgage deals.