It’s not easy getting your hands on that dream house you’ve always wanted – in fact, it can be very hard. That’s not to say that it’s impossible, however; as a matter of fact, there are some simple and effective ways in which you can get exactly what you want, the smart way. You might be wondering about the deposit that you need, the requirements that come with a mortgage, or how to get the lowest rate possible for that dream property. If that’s true, then this one is for you. Are you applying for a mortgage? Here are some great tips for first-time property buyers.

Start saving up

There are two good reasons to save up – right now. First of all, it will convey to the bank (or another mortgage lender) that you are serious about getting property and are not just relying on them to help you though – it shows commitment, and this goes a long way to ensure your application gets approved. Secondly, you’re much more likely to get a better deal when it comes to interest rates; interest rates get more favourable as the amount borrowed becomes less, simply because the lender runs less risk.

How much can you borrow?

It’s important to be realistic about your own finances and about how much you can safely spare to pay the lender each month. It’s also important to have realistic expectations about the future. Ask yourself: do you have a stable job, and what are your chances of promotion or a raise? Do you foresee more expenses in the future such as a new car? Do you plan to have children?

Don’t forget: the government can help

Yes, they are there to help: check out the Help-to-Buy scheme – it has made many people’s dreams come true.

Contact professionals for the mortgage

There’s no substitute for professional advice; the money you pay could end up saving you so much more in the long run. for one, you can start with checking mortgage advice online depending on the area you’re interested in, such as Bristol mortgages online from Open Vision Finance.

All things considered equal (which they rarely are), you should be able to get the right value of the house by means of the mortgage lender; they will investigate and have the survey of the property done. However, it may certainly be worth your while to spend a little more and get your own surveyor on the scene – at least then you will be aware of what the potential problems with the property might be, and this will either give you an idea of what renovations might need to take place or help you negotiate the price of the property. It’s always best to take matters into your own hands. Your dream is out there, and it could be yours with a profitable deal if you put in the work.

Image courtesy of David Castillo Dominici/

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