a2solicitors.co.uk When it comes to buying a home in the UK, it seems that 2022 is the best year to begin considering your options. After the pandemic of 2020, many homes are beginning to stabilise in price across the country. Making it ideal to begin looking for a home and setting up mortgage meetings with advisors. As well as conveyancing solicitors Portsmouth if you are buying an older property. But, like all areas, there are some common myths about buying a home that you need to stop believing. As these can set you back. So here, conveyancing solicitors Portsmouth set straight the truth about buying a home in the UK. A good credit score is a great way to ensure you get a lower interest rate on your mortgage according to conveyancing solicitors Portsmouth. But having a bad credit score is not the end of you getting a mortgage. Many mortgage firms can offer standard home loans to people with lower credit scores; it may just be that the monthly payments are higher. So, shop around! Myth 1- You can’t buy a home if your credit score is low You may have heard that to buy a property, you need to put down a deposit equating to 10% of its value. Or even 20%. But again, conveyancing solicitors Portsmouth will inform you that this is not always the case. Especially for first-time buyers. And especially after the buying and selling problems caused by the pandemic. Some lenders will be able to offer you mortgages with a 5% down payment, or even 3%. So don’t waste time saving up for that 10% mortgage if you can get it for a lower deposit. Myth 2- You always need a 10% down payment Sadly, this is not true. There are the costs of employing conveyancing solicitors Portsmouth or an alternative legal team to help the purchase go smoothly. Then, there are the search costs. As well as stamp duty on houses in the UK over a certain value. If you want a more detailed breakdown of the costs you can expect when buying a home, contact your conveyancing solicitors Portsmouth. Myth 3- The only cost of buying a home is the deposit A fixed-rate mortgage may indeed be the best option for buying a home. Especially if you are intending to live in it with your family. But suppose you are looking to buy a property to live in and then potentially rent out. In this case, an adjustable-rate mortgage may be a better option for you. Many people aim to avoid this kind of mortgage due to fluctuating interest rates each year. But this can be a better option for those intending to let their homes. Myth 4- Fixed-rate mortgages are the best option FHA mortgages, or Federal Housing Administration mortgages in the UK are designed to give first-time buyers the help they need to get onto the property ladder. But, as these loans are not based on your income, you may be able to apply for one, even if you already have your first property. Talk to conveyancing solicitors Portsmouth for more information. Myth 5- FHA mortgages are for first-time buyers ht tp : / /a2so l ic i tors .co .uk /conveyancing / ht tps: / /www.gov.uk /government /publ ica t ions /how- to-buy-a - home/ / h t tps: / /www.zoopla .co .uk /buy ing-a -home/ Sources :