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Category Archives: Mortgage Advice

3 Things To Consider Before Taking Out a Mortgage

Posted on September 14, 2017 by Daniel at 9:50 pm

Buying the home of your dreams is something that most people want for themselves once they get to a certain age.  When you start to consider making a family and start visualizing settling down the first thing on your mind is being able to provide a home to do it in.   (more…)

Maximise Your Income from a Buy-To-Let Property

Posted on October 18, 2015 by Daniel at 2:05 am

Buy-to-let properties are fantastic investments for the future. Some people hold down a full-time job while retaining the income received from their rental properties. Other people have a whole portfolio of investment properties. This guide is aimed at people considering a buy-to-let investment and for now, want it as a subsidy to an already steady income.

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Know your figures

Before you get started, you should think about what your budget is and how much rent you think you could realistically charge. Factor in any maintenance costs too. Chances are you will have to fix things up for your tenants. This could end up getting expensive if you haven’t factored it into your budget. How big a mortgage can you realistically afford? Do you already have a deposit saved up? These are all important questions.

Shop around for the best mortgage

Don’t just settle for the first mortgage you come across. Remember, the point of investing in a property is to make a profit, so don’t lose out on the mortgage. Speak to a good mortgage broker for reliable, independent advice, and talk to your high-street bank as well. If you know friends who are homeowners, chat to them about the kinds of deals they got. Remember, the lower your mortgage repayments, the more of a profit you will make.

Talk to an investment expert

It is worth visiting investment experts to talk through your new venture. Investment property services offer helpful advice on both capital growth and rental income and will be able to assist you. They can do a lot of the market research for you and find properties you will be interested in. This will help to save you time.

Haggle

When you come to buy your property, do not be afraid to haggle with the seller. If you have a strict budget but see something you really like that is too expensive, don’t worry. It is worth consulting with the seller to see if they can fall to your limit. The worst they can say to you is no, and you won’t be worried about having never asked.

Get a good accountant

You will have to pay property tax on your buy-to-let investment. But if you find a good accountant, they will be able to tell you how to make the best of the situation. They will let you know what you can claim back for tax relief and how to organise your accounts so they are their most efficient.

Know the risks

Buy-to-let sounds really idyllic – it is effectively having someone pay off your mortgage. However, as with any type of investment, you should always be wary of the risks

  1. Your house may be empty for months when your old tenants leave. When this happens, you may have to cover your own mortgage as well as the cost of the mortgage of your buy-to-let property.
  2. Repairs can end up costing you a fortune.
  3. If you do come to a point where you want to sell your property, if house prices have fallen since you bought it, it may not be worth as much anymore.

Ways to Use a Home Equity Loan in Toronto

Posted on July 30, 2015 by Daniel at 11:19 am

Buying a home is a very big deal and something most people take very seriously. Selecting the right home to buy will usually take some research and personal guidance for most people. Owning a home is a great investment and will allow you to do things you though impossible before the buying of the property. For homeowners looking for some extra cash, getting home equity loan information is ideal. There are a number of different uses for a home equity loan. Here are a few of those uses and how they can benefit you in the long term.

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The Pros and Cons of Fixed-Rate Mortgages

Posted on April 9, 2015 by Daniel at 1:11 am

Most people will have heard a little about fixed-rate mortgages in the past. That is because they are the most popular type of home loan in the entire US. However, there is some confusion about whether or not they offer the best deal. With that in mind, we’ve listed some of the pros and cons in the hope of setting the record straight. If you’re looking to purchase a property in 2015, it’s vital that you perform a lot of research into all the lending options available before making your decision. Nobody wants to find themselves in financial trouble in the near future because they didn’t do the groundwork.

The pros of fixed-rate mortgages

  • If interest rates should rise, people with fixed-rate mortgages will not see any difference in their monthly payments. That is because they keep the same rate from the day they sign the contract until it has expired.
  • Most fixed-rate mortgage solutions allow you to keep the same rate for at least five years. That will help to give you some breathing space, and it will make it easier to compile your budget.

The cons of fixed-rate mortgages

  • If interest rates drop for any reason, homeowners with fixed-rate mortgages won’t take advantage. Their rates will stay the same for a pre-arranged time regardless of what might happen to the economy.

As you can see, there are too good elements and one bad. We hope that has helped you to better understand whether or not fixed-rate mortgages are right for you. To learn more, take a look at the infographic.


Credit 24 Hourly Loans

MORTGAGE 101

Posted on January 21, 2015 by Daniel at 7:20 pm

You dream of it every night. You imagine fixing it, painting it and showing it off to your friends and family. Your dream house! Do wishes come true? (more…)

Securing a Cheap Mortgage in 4 Easy Steps

Posted on December 8, 2014 by Daniel at 3:05 am

Securing a cheap mortgage, whether you are a new buyer or an existing homeowner is tough. It can seem like a never-ending task. No one wants to pay more than what they need to. But, finding a cheap mortgage can be a difficult endeavour. You don’t have to worry about finding an affordable mortgage any longer.

Here are some great ways that you can secure a cheap mortgage with relative ease.

Step 1: Know Your Mortgages

Now is the time to find what works best for your money. Do you need a mortgage deal that works with the interest rates? Or do, you need cheap home loans that are fixed in their payments? Compiling an active income and expenditure can ensure that you are in the right place to pay your mortgage. But, you can also find out if you have a level of flexibility with your home. If you have a lot of disposable cash, interest tracking mortgages tend to be cheaper. But, if you don’t have a lot of flexibility with your income, stick to a fixed mortgage. Ascertaining a budget and knowing what mortgages are on the market is one of the best ways of making sure that you are getting a better deal.

Step 2: Think Outside of the Box and Ditch the Bank

When it comes to securing a mortgage, your bank is not the only place to go. Many people believe that myth that the banks are the best places to go for mortgages. Wrong! There is a vast range of mortgage providers that are not banks. These independent financial institutions often have better deals and rates of interest. Whether you are remortgaging or securing your first loan, ditch the bank. You may find that you get a better rate over the term period of your loan.

Step 3: Book an Appointment with a Mortgage Broker

Once you have found a mortgage that suits your needs, and you think that you have found a good deal, go and see a mortgage broker. Their job is to scour for the best deals. A broker can often find a cheaper alternative to your mortgage. If you have somewhat limited means of accessing information, you will only have a tiny portion of mortgages on offer. With this in mind, a mortgage broker can help you find and secure a mortgage with a better rate of interest. They can also give you valuable advice on how to obtain the mortgage of your dreams. They are in the know when it comes to knowing what creditors want. They will give you the criteria that they look for. They are a great asset to have so don’t dismiss them.

8224569761_fd4d816a21_zChris Potter

Step 4: Read the Fine Print

As with any massive financial commitment, you need to read the fine print. Before you sign anything, make sure that you go over all the necessary paperwork. You don’t have to go through a solicitor. You can do this yourself. This can ensure that you are not tied in to unnecessary contracts.

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