Thinking of getting your own place?
So you're thinking of getting your own place, you're earning money and now you're looking for that perfect house or flat. Buying a property is a big step and needs careful planning and research. You need to investigate the housing market and your eligibility for a mortgage. This option needs a lot of thought, saving and financial advice! If you are working and have some savings, find out where you can get some good independent advice to help you plan for the future!
Advantages of a mortgage
The great thing about getting a mortgage rather then choosing to rent is that eventually you will have paid off your loan and will own the property. You can pay a similar amount in rent and never own the property. With a mortgage you will:
- have more freedom to make adjustments to the building
- you will eventually own your own property outright
- not be dependant on your landlord for maintenance of the property – this can be a disadvantage as well as maintenance can be costly.
Don’t forget to shop around for the best deals and what’s right for you – it would help to speak to other people who have a mortgage to get a better feel for what you are doing.
Useful websites
Mortgages: first time buyers
Provides information on borrowing rates, lender comparisons and what it costs to run a home.
fish4homes
Provides a search engine to help you find your perfect home.
Shelter: mortgages
Provides information on mortgages, including: applying for a mortgage, problems getting a mortgage,choosing a mortgage, how mortgages work and mortgage protection.
UpMyStreet
Gives you detailed information on the area you're interested in, local services and council tax costs.
Rightmove
View properties for sale or to rent in the UK.
Citizen’s Advice Bureau, Advice Guide: mortgage problems
Provides information if you are having problems paying your mortgage.
Last updated 10/05/11
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