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Some things to consider as a first-time buyer before applying for a joint mortgage

21 June 2023 Written by Davidson Shirley Solicitors Category: Residential Conveyancing

Already a difficult undertaking, the continuous economic uncertainty makes getting ready for a mortgage more difficult. The ability to efficiently save and budget is increasingly difficult due to the cost of living problem and the Bank of England base rate, which is currently at 4.25%, its highest level in 14 years.

Since a mortgage is a long-term commitment, it's crucial to understand what you can afford and to take the required steps to maximise your chances of finding the best deal. 

Consider renting with your partner first

It is a good idea to rent together first to test the waters if you don't currently live with your partner. Any mortgage requires long-term commitment, with many first-time purchasers spreading the cost of repayment over at least 25 years.

Purchasing a home is a significant commitment, so set aside some time to discuss all potential outcomes, including your monthly expenses, your future plans, and what would happen if one of you decided to sell and move out. By doing this, a potentially awkward issue later is avoided.

Get advice from a mortgage advisor

Although it seems obvious, many people overlook how helpful speaking to mortgage advisers can be. They can educate you on the various mortgage rates that are accessible to you and your situation and provide you with advice. They can also help you organise a budget. The most obvious way to find a good mortgage advisor is to search online and read reviews of them, but you could also ask friends and family for referrals. 

Open a joint bank account

It's a good idea to open a joint bank account so that you pay your monthly mortgage and household costs together. This will not only ensure that everyone pays their fair part, but it will also allow you to budget by making it apparent how much money you have in your personal account each month.

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