Money Mole have announced a plan of action for anyone considering taking out a http://www.moneymole.co.uk/mortgages [mortgage __title__ ] for the first time.
(PRWEB UK) 11 May 2012
Money Mole Announces 3 Steps to Finding the Right Mortgage Deal for You
With recent news suggesting that the purchase of mortgages for first time buyers has risen in the last financial quarter, Money Mole have announced a plan of action for anyone considering taking out a mortgage for the first time.
Recent reports have shown that first time buyers accounted for 35.9% of all mortgage applications between January and March of this year. With extensive experience in providing mortgage solutions to people from a range of financial backgrounds, the team at Money Mole explain how this news could inspire more consumers to follow suit.
“It is encouraging to hear that more first time buyers are looking into acquiring mortgages. Taking out a mortgage is a major commitment, so before embarking on such a big step, naturally there are a few issues that need to be taken into consideration. Here at Money Mole we’ve compiled a few points to think about.”
1. The expert financial advisers are strongly recommending that before taking out a mortgage, their customers look into how much of a deposit they can save for. In the current market, a deposit of at least 5% is recommended for almost any decent mortgage. This is especially important for anyone looking into mortgages for the first time as lenders can be extremely wary of first time buyers as they will have no access to records of payments from previous mortgages.
2. Customers also need to think seriously about how much they can afford to borrow on their mortgage. Where ten years ago, most lenders would be unlikely to lend more than three times a person’s annual income, it is now not uncommon for this figure to be closer to nine times the amount of a person’s yearly wage, due to a dramatic increase in house prices. However, at Money Mole the team would suggest that enquiring into a loan of roughly four times the amount a person earns in a year is a more realistic and healthy figure to be aiming for.
3. Another important question that Money Mole are advising their customers to think carefully about before any agreement takes place, is over what period of time to take out a mortgage over. The team are advising that people concentrate on what they can realistically afford rather than paying off their debt in the shortest amount of time possible. It is important to make sure you are not left with the burden of payment arrangements that are simply impossible to meet.
Based in Essex and London, MoneyMole is one of the UK’s largest financial brokers. Specialising in providing customers with a range of financial services including the arrangement of secured loans, unsecured loans, re-mortgage, or life insurance, the company have a trusted reputation for helping people from a range of financial backgrounds.