Buying a home is a dream for many, yet the world of mortgages can be complicated to understand for a first time buyer.
The infographic below breaks down the steps to buying your own home in bite size, easy to understand milestones.
Before buying a home, it is very important that you make sure it fits into your budget. Interest rates can fluctuate, and so would your monthly payments.
Just because your mortgage payment would be the same as your current rent, it doesn’t mean you can afford it. You are now responsible for repairs, maintenance, and many other expenses you didn’t have as a tenant.
Also, a slight difference in interest rate can mean thousands of pounds less to repay over the term of your mortgage, so shop carefully.
Make sure you understand the terms of your mortgage agreement, and that you opt for the mortgage type that best suits your needs. Some offer more flexibility, some are fixed so you know exactly what you’re going to pay, etc.
Read on to find more about the steps to buying your own home!