Buying a property in the UK is a huge investment and most times a life time investment and as such must be approached carefully and with the utmost preparation. Below are key points that can help you prepare for buying a property in the UK;
- Build up your savings by reviewing your expenditures downward to increase your disposable income. If you’ve got loans or credit cards it makes sense to repay them first. This is because the interest you pay to borrow is usually higher than the interest you get on savings accounts.
- Save for your deposit. Buying a property requires deposit and the more deposit you have the better change of getting a good mortgage deal.
- Check your credit score and report to make sure its good enough for a mortgage loan. If not you should work towards improving it.
- Plan your budget based on the most you may have to pay for a mortgage, try not to take the maximum mortgage on offer, and don’t forget to include mortgage related costs and fees.
- Work out how long you could live on savings if you lost your job.
- Check what benefits your employer will provide if you get ill.
- Consider taking out insurance in case you are made redundant, get critically ill or have an accident.
- Use mortgage calculator to work out how much a change in interest rates would affect your own loan.
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