Owning a home that is filled with happiness, love and warmth is every First Time Buyers dream when starting their mortgage process. There is truly something special about your home, no matter wherever you go or whatever you do, you will always feel most comfortable in your own house.
Undoubtedly, buying a home is one of the biggest investments of one’s life, so it’s best to get things right the first time around. Right now, if you are struggling to secure your dream home, just know that your Mortgage Broker in Cambridge has got your back.
Once you have your home, you will have the pride of ownership and the freedom for innovative change. That’s why getting the right First Time Buyer Mortgage Advice in Cambridge is essential; do you want to put yourself into the position of getting a competitive deal so that you can settle down whilst being comfortable with your finances?
Here is everything you need to know about the costs of buying a home in Cambridge and what sort of things you’ll need to look out for. This helpful guide should give you a clear view of the charges that you’ll receive so that you can manage and plan your finances a little easier.
Estate agency fees are sometimes negotiable and their starting fee will vary from agent to agent or company to company. More importantly, the most affordable agents are the field experts who work online. The main reason behind their low prices is that they don’t have to bear the huge expenses associated with maintaining an office. Although, doing everything online could be risky as you could put yourself onto the wrong deal which would be costly down the line.
If you are not as conscious about fees and face-to-face meetings (in person or over video call), it may be best to get professional Mortgage Advice in Cambridge. This will cost you about 1-2% of your selling price but with the assurance of 24/7 personal assistance. The fees are negotiable in the “seller’s world” as there is fierce competition in the market and lesser property available.
Before you take out a mortgage, your lender will need to assure that the property is worth what you are paying for it. For this, the lender needs to conduct a professional survey, which may cost you some extra charges in the form of a survey fee. Nonetheless, some lenders may provide this free of cost, although they don’t provide you with the report.
But if your lender does not offer the free valuation survey, you need to request an on-payment survey, which could cost you a few hundred pounds. Of course, if you want an in-depth Home Buyer’s Report for documentation, the service fee almost doubles. Much to your surprise, there is a premium package option that will cost you aa four-figure sum.
Your Mortgage Advisor in Cambridge will explain the differences between each survey to help you make a better decision. For First Time Buyers in Cambridge, the quick tip is to go with the premium survey if the property is old or in somewhat worse condition. Though you may consider an in-depth survey an expensive option, it may save you from repairs and maintenance expenditures over the years.
As a functioning method, the mortgages that have the lowest interest rates tend to have higher service charges. Set up fees for the mortgage can be as low as zero to as much as a few thousand pounds. Your Mortgage Advisor in Cambridge will help you sort out your finances, especially when it comes to your mortgage arrangement fees.
The interest rates tend to decrease with the amount that you are borrowing. However, if you borrow a small amount, then the lender may complement the deal with no additional fees. In some cases, the lender arrangement fees can also be added to your mortgage.
Involving a Solicitor is a crucial part of the mortgage process as they deal with the legal dimensions of the purchase. For instance, they may check if the seller person is actually the property’s real owner, who maintains and adjoins the property or whether there are any future plans associated with the property. These are some of the important things to account if the owner needs to re-sell the house in the future.
More importantly, when you view your Solicitor’s fee, check if their quote includes VAT and local searches. Though a typical Solicitor’s fee is a few thousand pounds, the legal verification is worth the price. Moreover, you need to be very careful when choosing the right solicitor as not all of them can access all lenders. Getting First Time Buyer Mortgage Advice in Cambridge can help you find out which is the best Solicitor for you.
Some properties or purchases may be subject to Stamp duty – a paid tax to the Government. You can check the Official Government website to get the latest updates and more information about Stamp duty. The rules concerning this tax change from time to time, so it’s best to get the latest updates.
In particular, if the stamp duty is payable and due, your Mortgage Advisor in Cambridge or Solicitor will assist you in this regard.
Before talking to a Mortgage Broker in Cambridge, make sure that you do your research first so that you are going to the right one for you. Your Mortgage Broker in Cambridge will charge a small fee which will entirely depend upon the amount of your mortgage. Most brokers, like us, will only charge a fee if a successful mortgage offer comes through.
It’s no big surprise that many people hire a van to move into their home. However, we always recommend hiring removal companies to make the most of their services. These companies have skilled workers who carefully manoeuvre your furniture around. These experts earn every single pound that you pay them and turn a hectic moving process into a breeze.