Mortgage Myth Buster: First time buyer worries debunked!
The mortgage process, with its many steps and decisions, can often feel overwhelming, especially for first time buyers.
But there are experts who can help, like Bank of Ireland UK. They understand that when it comes to buying your own home it’s more than a mortgage; it’s about finding a place to call your own, your very own castle where you can decorate (and redecorate), have mates round and play music loud, somewhere you will pour your personality into.
They want to work with you to better understand your needs and help you find the best mortgage. Our Mortgage Advisor, Patrick Greene, shared some common mortgage myths and revealed the truth behind them.
1) I don’t have a big enough deposit
This is one of the most common fears when it comes to securing a mortgage. It is considered ‘smart’ to pay as much as you can for your home up front as it will help reduce your monthly repayments and the interest you pay overall. But we know not everyone is going to have £20,000 saved in cash so this is not a deal breaker and it’s important to remember that some mortgages are available which only require a 5% deposit. Our mortgage advisors are available to help you online, on the phone or in person at one of our 28 branches across Northern Ireland and will be able to talk you through all your available options.
2) I don’t earn enough
Not all mortgages are the same and what may be true for other people’s financial circumstances, might not apply to you. There are specialist mortgages available which are tailor-made loans specially created for you if your circumstances are complicated and Bank of Ireland UK also has a range of fixed or variable rate mortgages for first time buyers.
3) I need a high credit rating
Few people like talking about their credit rating but there really is nothing to fear. The main thing to remember is that you don’t need a ‘perfect credit rating’. Even with a few credit bumps and bruises it may still be possible to qualify for a mortgage..
4) It’s all so expensive
Remember that the biggest thing is to feel in control of your situation - no one is going to force you to pay for more than you can afford. Quite the opposite actually, as mortgage advisers, we are here to ensure you are acting within your financial means. A good idea is to sit down and make a list of all possible fees, solicitors, removals, stamp duty. The Money Advice Service has some great tips.
5) I don’t know anything about houses
We can’t all be builders and grand designers so there are people, experts in their field, who are there to help you each step of the way. Your mortgage lender will carry out a survey of the house you want to buy, this is a detailed inspection of the property’s condition and is a necessary step when securing a mortgage.
Bank of Ireland UK wants to work with you to better understand your mortgage requirements and to help you find a mortgage that best suits your needs – we understand that it’s more than a mortgage.
For even more helpful tips about buying your first home, visit www.bankofirelanduk.com/mortgages/