4 Services That Will Help Finance Your Dream Home
July 17 2019 - The housing market is always moving up and down, but even if you try and time your purchase to a point where housing prices have dropped, the truth is that you need a lot of money in order to fund the purchase of your dream home. Typically, you will need at least 5% of your mortgage as a deposit, which might not seem a lot, but it can easily become several tens of thousands of pounds if your dream home is in the upper price ranges. The good news is that there are several services available that will help you with financing your dream home, whether you need help with saving up for a deposit, getting the keys to your home faster, or choosing the right mortgage product for you.
#1. Savings Accounts:
Choosing the right savings account for your deposit will help you reach your goals and get the amount that you need in order to secure your dream home. If you are also a first-time buyer, then it may be worth looking into Help to Buy ISA options, where you can save up to £200 per month and enjoy a financial reward from the government towards your first home deposit.
#2. Bridging Loan:
In some cases, a bridging loan can make it easier for you to get your dream home in a shorter period of time. They are ideal if you are currently waiting for your existing home to be sold before you can purchase your dream home. The bridging loan will help with covering the costs of purchasing and securing your dream home sooner; once you have sold your existing home, you will be able to repay it. Bespoke, secured bridging finance is available if you're struggling to sell an existing property and don't want to miss out on getting your dream home.
#3. Mortgage Advisors:
Regardless of whether you are buying your first or your tenth home, if you are planning to fund the purchase using a mortgage, then you should invest in the services of a good mortgage advisor. They will be able to go through your financial situation to help you determine which mortgage product is going to be the most suitable for you, in addition to how much money you can expect to be eligible to borrow in order to fund your dream home. Speaking to a good mortgage advisor first will help you determine your price range so that you don't wind up missing out on a home you love.
#4. Credit Management Services:
Finally, you'll need to look after your credit rating in order to be able to successfully purchase your dream home. There are a wide range of online credit management services that you can use in order to check your credit score, understand what can be done to improve it, and track your progress over time to ensure that you are taking the right steps for improvement.
No matter what your dream home looks like, these services can help you get ready to fund it and move in.