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PICTURED: Jada Reed, Independent Financial Expert and mortgage expert

This week’s subject is: Top tips on getting a mortgage

If you’re moving to the UK and plan to stay, you may well be thinking of buying your own home. For most of us that’s not achievable without getting a mortgage, which can be a complicated process for those who’ve never bought in the UK before.

We talk to Jada Reed, Independent Financial Expert and mortgage expert. She was more than happy to share her top tips for getting on the property ladder and acquiring a mortgage. We hope it gives you food for thought.

Do your homework

Jada thinks your starting point should be to talk to a mortgage broker or financial adviser to get as much information as possible. You need to know all the costs involved, including any hidden costs you may not have factored in. You should also make sure the property you want to buy is one that lenders would consider a sound investment.

Be prepared

It can take some time for a purchase to go through. So in the meantime Jada suggests that you make sure you are fully prepared by making sure all your paperwork is up to date. Check you have all your bank statements and pay slips. And make sure that you’re on the electoral role.

Prepare a monthly budget

Jada tells us that it’s important to work out how much disposable income you have before you commit to mortgage repayments. It can be surprising how much small expenses can add up. And although you may be able to afford the mortgage repayments today, you must ask yourself if you could afford it if interest rates rise.

Understand the fees involved

When you look at the advertised mortgage rates, Jada advises that you also take into account the valuation fees, arrangement fees, solicitor’s fees and moving costs. Also, don’t forget to factor in insurance costs. It is vital to get insurance in order to make sure your family keeps their home should the worst happen.

Deposit - the bigger, the better

Jada informs us that the bigger the deposit you put down for the property you’re buying, the lower the mortgage rate you’ll be charged. So it’s worth finding the biggest deposit you can – even if it’s a gift from your family. So the advice is beg, borrow but don’t steal to buy your property.

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