5 Steps to Getting a First Mortgage in Essex

The average price of a house in Suffolk and parts of north Essex has risen by around £60,000 since 2012, according to property experts in the county. Essex has always been a notoriously tough market to get on the property ladder, but it looks like it will only get more difficult in the coming months.

How do you get your first mortgage in Essex? If you are looking to buy property for the first time, take a look at these tips for securing the best mortgage deal that allows you to purchase your dream home. The steps are simple but they may take a little while to work through, so start the process as early as you possibly can.

  1. Save for a Deposit

Your deposit is vital in a market like Essex, where property prices tend to be high. You will need a deposit of at least 5 percent in order to get a mortgage, and it is better to have 25 percent or at least 10 percent in order to be able to get a better deal.

  1. Look at First Time Buyer Schemes

Investigate if there are any first time buyer schemes that could help you with your individual circumstances. It is helpful to ask a broker if there are any deals that could work for you or make it cheaper to borrow money for a house.

  1. Look at What You Can Afford

It is important to do your own sums before you visit one of the mortgage brokers colchester offers. You need to be sure that you will be able to afford a mortgage and that the payments and the fees will be manageable, in the short term as well as in the long term. Think about how you would afford a mortgage if you lost your job, or if interest rates changed.

  1. Search for your Property

Make a thorough investigation into the type of property you want, the areas you would like to live, the prices, and the size of the home.

  1. Decide on a Mortgage

Get independent help to decide which kind of mortgage will be the best for your needs. There are many different types of mortgage available, and some will be better than others for your circumstances. Look at all the options so that you arrive at something that will help your finances and not harm them.

It can be difficult to secure your first mortgage since you are a riskier prospect – lenders know that you have no experience paying back a mortgage and they also know that you possibly have less credit history so they will be unable to do a complete check. But thousands of people in Essex get mortgages every week. It is certainly not impossible to buy a house in this area of the UK.

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