What’s an affordable amount to spend on your mortgage? Mortgage 09/10/2024 Whether you’re buying your first home or are considering borrowing more through a mortgage, assessing your ability to keep up with repayments is important. With property prices soaring, research suggests households are allocating more of their budget to housing costs than before. A mortgage is often the largest loan you’ll ever take out. Even when you’re remortgaging, the sums you’re borrowing could be far higher than other types of borrowing you might be using. So, taking some time to assess whether your repayments are affordable could give you confidence. First-time buyers are spending 37% of their take-home pay on mortgage repayments Soaring property prices mean households are spending more of their take-home pay on mortgage repayments. According to the BBC, in July 2024, property prices increased by 2.1% when compared to a year earlier – the fastest pace since December 2022.
The complete guide for first-time buyers Guides/Mortgage 17/10/2021 Buying your first home can seem complicated. There’s a lot to think about and it’s a huge milestone. If you’re perplexed by the jargon or aren’t sure where to start, this guide will take you through the process and offer tips to help you become a homeowner. The guide covers: How much deposit you need and the best ways to save How the Help-to-Buy Equity Loan Scheme works Understanding how much you can borrow through a mortgage and what a “mortgage in principle” is The different types of mortgages and the impact of interest rates Tips for improving your chances of securing a mortgage The homebuying process. Download The complete guide for first-time buyers to learn more. If you have any questions about buying your first home and securing a mortgage, please contact us.
