In an economy where wages tend to freeze and the cost of living continues to rise, a home becomes a dream. It’s getting harder and harder for first-time buyers to turn their dreams into reality. Money savings expert come with tips and advice for anyone who’s thinking of buying a property. All over the UK the gap between South and North gets bigger and bigger, as we notice property prices have registered a 9% decrease in North, compared to the 4% rise in South, especially in London. Think about your savings Use your money wisely, find on what you can cut back and start saving. Think more about taking home pack lunch, reduce those weekly takeaway meals and keep an eye on your spending habits. All this money you save can go straight away into a savings account like Cash ISAs, where you can save up to £ 5640 tax free. There are more options to choose from so find the one that suits you best. Choose the location wisely As I previously stated the location can make a big difference on the final price. Make a list and see if the new location is to expensive you might think of a nearby town which even if you add the commuting charges , will still get you cheaper in the long term. Maybe you can get with the same money a 3 bedroom instead of a 2 within only a few miles away. Your mortgage The most important thing to consider is your mortgage, as it will be part of your life for the next years. With more than 1 to choose from consider asking for professional advice in order to find the one that suits you best. Interest only mortgages will allow you to pay off just the interest rate rather than the mortgage itself, but that means at the end of the mortgage term you will still owe the full balance. Repayment mortgages will let you pay a small part each month; it might be a little higher but in the end your mortgage will be cleared. No matter what your choice is mind the interest rates on you mortgages as they can vary significantly. If we can be of any assistance contact us at 020 8983 9966 or by email at [email protected]
Posted on: Thu, 11 Jul 2013 12:16:54 +0000
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