Want to buy a home but are confused by mortgages and frightened by financial advisers? Moneymadeclear, the government's independent guide to personal finance, has produced a series of guides and tools for home buyers.
The basics A 30-page guide, Just the facts about mortgages, explains the different types of mortgages and answers common questions. It is available at moneymadeclear.org.uk or by calling 0300 500 5000.
How much you can borrow Guardian Money has an interactive mortgage calculator where you can work out monthly costs. For example, it tells you a £100,000 loan over 25 years at a rate of 4.99% would cost £584.01 a month.
Finding a mortgage Study our best-buy tables or go to moneyfacts.co.uk. If you don't have a large deposit, you won't qualify for the lowest rates. Try the comparison tables at moneymadeclear.org.uk/tables for an unbiased list of providers. If you're not comfortable taking a loan without going into a branch, the best deals on the high street right now tend to be offered by HSBC and Santander.
The other stuff they'll push on you Sales people earn big commission from insurances to cover your loan, such as MPPI, ASU, critical illness and income protection cover. If your job is under threat or your health poor, they will be worth considering. Only buildings insurance is essential. Don't buy it from your lender – try the main comparison sites (moneysupermarket/Confused/gocompare/comparethemarket), and remember to shop around for a new quote every year. Ignore lenders who insist you have to take out their insurance to get a mortgage. You don't.
Solicitors and conveyancing Direct.gov.uk has a guide on the various stages of buying, from making an offer to exchanging contracts. You can use a solicitor, (lawsociety.org.uk), a licensed conveyancer (conveyancer.org.uk), or do it yourself.
After you move in Try the BudgetBrain.com site to work out how much you've got coming in, and your outgoings. There are tips for overspenders.
Staying in control Falling behind with your repayments? Moneymadeclear has a Problems paying your mortgage guide, which explains what you can do, sets out what help is available and answers common questions.
It says: "Speak to your mortgage lender … All mortgage lenders regulated by the Financial Services Authority have to consider your circumstances, and will have procedures for dealing with cases like yours."
ไม่มีความคิดเห็น:
แสดงความคิดเห็น