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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
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