First time buyer advice to getting a mortgage
Posted by admin on Jan 24, 2012
Stepping onto the property ladder for the first time can be a daunting prospect. Home ownership is entrenched within our society and people often feel that it is a necessary step once they have joined the workplace and have a steady income. In many ways it is an essential step towards building up your assets and increasing your financial stability. It also means that you will no longer be having to pay rent
and essentially therefore pay someone else’s mortgage. It is however still a very big step that must not be taken lightly. Following these 6 tips for first time home buying will help you make the best financial decisions for your future:
1. Know all of the Costs: Buying a home is not just about the price tag of the property. There are so many other costs which must be considered when you are buying property. To begin with there are legal costs associated with conveyancing and it is always a good idea to pay a surveyor to inspect the property for any underlying structural problems which may not be apparent. The costs do not stop there. You will also have to pay land registry fees and other costs such as stamp duties. On top of this there are the practical costs of hiring removal companies and buying furniture for your new home. Then even once
you are in your new property there are a whole host of bills and taxes which you will have to pay on a monthly basis that you may not have had to when either renting or living at home. It is always a good idea to ask a homeowner for an idea of what their monthly expenses entail so that you can begin to make a budget before you commit yourself to a hefty mortgage repayment amount that leaves little room for other costs.
2. Research First Buyer Schemes
As a first time buyer you may be entitled to a first buyer scheme within your area. These are schemes which make it easier for first time buyers to get a foothold on the property ladder. Any help at this stage is to be welcomed. It is also a good idea to seek advice from trained professionals about first time buying as they can help you work out suitable areas in which to buy and what types of mortgages are available.
3. Save a Deposit
Before you even consider buying a property or taking out a home loan you will have to have saved a deposit of at least 5 – 10%. It may be possible to borrow this form a family member. If not it is advisable to begin budgeting for saving a deposit at least a year or two in advance of buying a house. Not only will this mean that you become accustomed to living on a budget it will also help you access more favorable mortgage conditions.
4. Ask for advice
Buying a house is a big step and you should ask around for a variety of opinions. Family members will be able to advise you on what bills and costs to expect, real estate agents can advise you on different areas to search for property and financial providers can offer you advice on different mortgage options. Being a fully-informed first time buyer will mean you are more likely to make a wise investment choice not just for today but also for your future.
5. Shop Around
Know what exactly you want from a property and shop around to get the most for your money. Bear in mind issues such as location, proximity to your workplace, the general demographic characteristics of the area and also the state of repair of the property. You may be able to get a much better price on a property that requires a little face-lift rather than one which has already been spruced up.
6. Consider the Future
When choosing a property it is important to consider your future plans. At some point you may wish to have a family or move outside of the city. Therefore it is important to assess the future sale-ability of your property before you even purchase it. This is your first step on the property ladder but it is most likely not your last and therefore you should make the best decision for your future progression up the property ladder.
Debt management companies: Why you should be careful about them
Posted by admin on Sep 13, 2010
If you are drowning in debt and desperately searching for a way out, then a debt management program can really work for you. There are many companies in the market which offer different kind of debt management programs. But, choosing a debt management company is not an easy task. There are many companies which have been sued by the FTC and Attorney Generals because of their fraudulent activities. So, it is very important to make sure that the debt management company you are selecting is a reliable one and their debt management program will not land you in a financial situation worse than before.
In order to choose a debt management company, which can really offload your debt burden, you should keep in mind the following things:
- Don’t forget to check the reliability- To be sure of the company’s reliability, check its BBB rating. Find out how many complaints have been listed against the company and how many of them have been resolved. You should also gather information about the company from your local consumer protection agency and the State Attorney General. If you find that the debt management company holds several unresolved complaints, don’t rely on them for solving your debt problems.
‘Catch me if you can’ – the credit card scammer sentenced to imprisonment
Posted by admin on Sep 13, 2010
This is a true story of real fake. It is about Mr. Anup Patel, a Computer Engineer of Kingston University who was the master mind behind this entire credit card fraud. He has made approx. 20 lac Pounds from 19,000 card accounts through his fraudulent activities. He had conceived the idea of stealing money from the banks since his college days. In due course he developed the software and successfully accomplished his mission.
How the Scammer did the operation?
In Britain many people use chip card during credit card purchase. He used his own technology to steal credit card information from different payment terminals. According to the investigators, he used to set hidden cameras at the roof near the payment terminal. Then through his ’secret data reader’, all the card information was being transferred to his computer. He created duplicate cards with that information and withdrew cash from ATMs.
Payday loan – An emergency cash arrangement option
Posted by admin on Sep 13, 2010
Who wants to be a friend of ours in a trying situation – especially when we are in a financial crunch? If the problem is related to money, everybody wants to keep himself away. But it’s the payday loan companies that come forward and help us by extending financial help. In case we need more money, may be for a dream vacation, repairing a car or perhaps making home renovations; payday loan is a good option for us. Please see Payday Loans Toronto and Toronto Payday Loans.
Some major advantages:
- Cash loan approval within 24 hrs and instant transfer to the applicant’s bank account.
- Applicants with bad credit history, adverse credit, bankruptcy and defaults also stand an equal chance of getting Payday Loan coverage.
- Payday loan is basically a real help for those who are facing the most challenging financial crisis of life.
Mutual Fund Investment – A better option for the middle class
Posted by admin on Sep 13, 2010
Savings is a tough deal no doubt, but it seems even tougher when the matter of investment comes into question. In fact we become confused while deciding where and how much to invest. So many choices flicker in our mind. Banks are coming up with many dynamic plans, investment in share market has become very convenient today, mutual funds are reflecting high returns, insurance companies are offering high returns so on and so forth.
In the last 6 months banks have increased its interest rate against Fixed Deposit (FD) scheme. There has been a competition among banks (private and nationalized) to offer higher rate of interest from FD account. Many people are also speeding up to reach the same. But for me, it’s not a good choice. We can put limited amount of money in it and choose Mutual fund investments for getting higher return.
An effort has been made to clarify on how Mutual Fund investments work in a question-answer set-up. Please don’t hesitate to ask me if any misunderstanding arise.
What is Mutual Fund?
Mutual fund is a financial intermediary that allows specific finance organizations to reinvest in different stocks and bonds. Generally, commercial banks act as the broker of such funds.