Contact A Mortgage Broker To Stop Paying & Start Saving
If you’ve been following our blog, you know that the rate for renting a room in the UK has seen an 8% increase this quarter. Even with the demand from renters declining in some areas, people are still paying more to live under a landlord. Renting a room gives your a minimal amount of space and little privacy, so why would you want to pay more when you’re not getting more?
Instead, you should be investing in a new home. Once you own a home, you will finally get to experience the freedom and pride that comes along with it. Gone will be the days of lease agreements and landlord rules. If you want to paint the outside of your home or take down a wall inside the home, you can. If you don’t fancy the tiling in your bathroom or color of your kitchen, you can change it. Your creativity can be released and you can truly make the property your home.
Depending on your city, often, a mortgage could be the same price or even lower than your monthly renting fees. Each type of mortgage is different and terms vary by lender and borrower, so it’s possible you could end up only paying the interest every month, instead of the interest and capital. A shorter term mortgage will help you be mortgage-free sooner and save you paying more in interest, but this option can also cause higher monthly payments.
Speaking of interest, now may be the best time to get that mortgage because interest fees are always changing and if they’re on a low spike, you don’t want to wait. The interest rates of borrowing for homeownership is also the lowest of any type of loan. It can take 15-30 years depending on the terms of your mortgage to be finished paying, so make sure you’re choosing the best option for you.
Places like Rivington Mortgages can help those who are first-time buyers, or have owned a home previously, with the sometimes anxiety-inducing process of getting a mortgage for a home. You may think you’re not in a position to qualify for a mortgage, but assistance is there to help you find out what you can afford.
Some things that may be required of you include: proof of your income, bank statements for any open accounts you have, how much you’re willing to pay, and any information on current debt or financial issues, if any. You should also ask for information on government program to help you purchase a home, Help to Buy for example.
Don’t fret about whether or not you’ll be approved for a mortgage, as mortgage approvals have been high and the market is doing well recently. If you’re at the point where you feel ready to get a mortgage and into your dream home, chances are you’ll be approved. Your broker can help you pick the right mortgage loan for you and answer any questions you may have, so don’t hesitate to look into the mortgage process today!