If you’ve never bought a property, there are a few things you’ll need to think about that you may not have done before. From viewing properties, speaking with estate agents, negotiating house prices and dealing with solicitors. But before you get to any of that, you’ll need to check how much money you’re allowed to borrow and start planning a budget to ensure that you can afford to meet the costs of your new mortgage payments and household bills.
Sometimes it can be reassuring to do some research in advance so that you feel more in prepared and have an idea of what to expect next, and we can help you to do just that. There are some fantastic resources on our website where you start your search, get an idea of figures and see what your new budget commitments may look like.
Mortgage calculators
The mortgage calculator tab on our website can provide some of the initial information you need to start your search for a new home. Our calculators can provide an idea of how much you could borrow, an estimate of monthly mortgage payments and work out any Stamp Duty that may be applicable.
Budget Calculator
Our budget calculator tool can be used in one of two ways. Firstly; it can help you to understand how you’re currently spending your money. By entering some basic information in different categories such as leisure, transport and household bills, you can see at a glance where you could cut back to make buying a new property more affordable.
The calculator could also give you an idea of how much you may need to spend on things such as utilities and home insurance/protection in addition to your mortgage payments.
Life cover calculator
Our life insurance calculator can help you work out how much life insurance cover you may need. Whether it’s simply to protect your mortgage or to cover your family, bills and other debts too, having protection in place can help you plan for unexpected life events that may arise.
Whenever there’s a significant change in your personal circumstances, you should consider reviewing your life cover. This could events such as include getting married, having a child or moving house.
Getting expert, professional advice
Our calculator tools are a great start to getting some of the information you need in the early stages, however they can’t provide definitive answers based on your individual circumstances. Before you start viewing properties or make an offer, it’s still advisable to speak with a mortgage adviser. They can use the initial information you’ve provided and build a more specific picture of your circumstances to find the right mortgage for your needs. They’ll also be on hand to offer advice at every step from the first appointment until you have the keys in your hand.
If you’d like to make a free, no obligation first appointment with one of our mortgage advisers in Newcastle, please call us on 0191 4018229 or send us an e-mail.
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