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Mortgages

Buying a home is one of the biggest financial decision a person will make, it can be a little stressful but can also be a very exciting experience.

When applying for a mortgage the following will be taking into consideration by the financial institution for the amount you can borrow:

  • Your regular certified income including commission, overtime and bonuses.
  • Whether you are buying alone or with someone else.
  • Your existing financial commitments i.e a car or personal loan.
  • The value of the property

Associated Costs

Unfortunately buying a home is not limited to the price you agree for the property. In addition to your deposit and monthly mortgage repayments you will encounter costs such as:

  • Solicitors Fees, you will need a solicitor to ensure that the purchase of your property is legally valid.
  • Land Registry/Registry of Fees, this applys when you register your home and surrounding land with the Land Registry or Registry of Deeds. Your solicitor will look after this on your behalf and outline the costs involved.
  • Stamp Duty, this is a tax the Government place on the purchase of a second hand property.
  • Valuation Report, you will need a professional valuer to complete a valuation report on your prospective new home.
  • Surveyors Report, as well as the valuation report you may also need a surveyors structural report. This is always advisable if you are buying an old property.
  • Estate Agents Fees, you need an estate agent if you are selling a home.
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