by Sharon Jones

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Nowadays, increasing numbers of people are opting to rent, as they believe that they do not have the financial means to secure a mortgage of their own. But if you’re settled and intend to spend the foreseeable future in one location, renting could be considered throwing your hard earned money down the drain. After all, you’re essentially paying someone else’s mortgage for them, plus a little extra. So, if you want to get your hands on your own property, but aren’t sure how to do so, stick with us. Here’s everything you need to know to get you started in the right direction.

Using Mortgage Calculators

When you begin considering applying for a mortgage, you’re going to have to take a thorough look at your own finances. Understanding what money you have available will give you a better idea of what mortgages you will be approved for. Remember that at the end of the day, a mortgage is a type of loan. There are many types, from standard mortgages to an itin mortgage. Just like any other form of a lender, a mortgage lender isn’t going to hand over money if they don’t feel certain that you’re capable of paying them the full amount back as agreed. If anything, they’re likely to be even more frugal due to the vast quantity of cash that you’re requesting. The easiest way to determine how large a loan you would be accepted for (and consequently what kind of property you should be looking at in the first place), you should make use of a mortgage calculator. Start with a mortgage repayment calculator. Here you can input the price of the mortgage you’re interested in, the interest rate attached, and the loan term in years. You will then be given a summary of the amount you would be expected to repay monthly.

Saving a Deposit

The first big step towards actually securing a mortgage is to save up a deposit that you can place down on your chosen property. There is no standard amount that you need to save before you have a deposit. The expected amount will vary on the overall price of the property you’re looking at. The more expensive the property, the larger the deposit will usually have to be. Generally speaking, you should aim to save up 20% of the overall property price. Nowadays, with increasing numbers of millennials finding difficulties in getting on the first rung of the property ladder, the presence of 90%, 95%, and even 100% mortgages on the market are on the rise. This means that you’d require no deposit, or only have to gather up a 5% or 10% deposit. However, it’s always good to bear in mind that the larger the deposit you put down, the smaller your subsequent repayments will have to be.

Putting In An Offer


Once you’ve gathered together a deposit, you’re in the position to seriously look at what’s available to you on the market. Don’t feel the need to rush. You’ve waited this long, and you can wait a little longer if it makes the difference between settling for a property that’s adequate and moving into the property of your dreams. Keep a constant eye on the market. When you find the property that best suits your needs, put forward your offer.

Securing a home of your own is a long and complex process. But it is by no means impossible and it’s more than worth the effort you’ll put in – your home will become the space you live in, relax and feel truly comfortable in. Be confident and take your time and you’ll be moving into your new property before you know it.

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