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Purchase

Finance the purchase of a home, commercial premises or real estate investment
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Who needs a mortgage?

The most common reason for obtaining a mortgage is to finance the purchase of a home. Many people do not have the full cash amount to buy a house, so they take out a mortgage to cover the cost of the property. 

 For some people, real estate is often seen as a long-term investment. By taking out a mortgage, individuals can use their funds for other investments or to maintain liquidity, rather than tying up a significant portion of their capital in a single property. 

 Purchasing a mortgage is a significant financial decision, and it's crucial to take the time to understand all aspects of the process.

Things to consider when purchasing a mortgage

Credit Score

Your credit score plays a key role in determining the interest rate you'll qualify for. Higher credit scores generally lead to lower interest rates. 

Deposit

The amount of money you can put down as a deposit will impact the type of loan you qualify for and the interest rate. Generally, a larger down payment can result in more favourable loan terms.

Loan Types

There are various types of mortgage loans, such as fixed-rate mortgages and adjustable-rate mortgages. Understand the differences between these options and choose the one that aligns with your financial goals and risk tolerance.

Interest Rates

Interest rates can vary, and even a small difference can significantly affect the total cost of your loan. We’ll help with comparing interest rates from different lenders and considering whether a fixed or variable rate is more suitable for your situation.

Loan Terms

The loan term (e.g., 15, 30 years) will affect your monthly payments and the total amount repaid over the life of the loan. Shorter terms often have higher monthly payments but lower overall interest costs.

Read and Understand the Terms

Carefully review all the terms and conditions of the mortgage agreement before signing. If there's anything you don't understand, our team are here to help.

Future Financial Planning

Consider how your financial situation may change in the future. Will you be able to afford the mortgage payments if there are changes in your income or expenses?
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Tips for purchasing a property

  • Check the Land Registry to see what the property has previously been sold for, as this can help strategising when it comes to putting offers in.
  • Identify why the sellers are selling, and if there are any red flags.
  • Consider getting an independent survey conducted.
  • Employ the services of an efficient conveyancer or solicitor. Before confirming a conveyancer, we would always recommend confirming the lender first to ensure that the conveyancer is on the lender's panel.
  • If the deposit is from a different currency, then consider the most efficient ways of transferring the funds at the right time.
  • Talk to a specialist buyer or someone who has specialist local knowledge of the market, and deals with the estate agents directly to agree on the lowest purchase price possible.
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Need help with purchasing a mortgage?

It's important to note that while mortgages offer many benefits, they also come with responsibilities. Borrowers need to make regular payments, and failure to do so can result in foreclosure, where the lender takes possession of the property.

Windsor Hill works closely with individuals to advise on all mortgage options to help you make informed decisions based on individual needs and circumstances.

Speak to one of our expert team members today to help you with your mortgage requirements at 01225 962 456 or email info@windsorhillmortgages.co.uk          

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IMPARTIAL FINANCIAL ADVICE

Whether you’re a first-time buyer or a seasoned property developer our team will find you the very best deal. 

 Our experienced financial, insurance and mortgage advisors take real pride in offering impartial advice, so you’ll have the peace of mind that your best interests are at the heart of everything we do. 

 Based in Bath, we enjoy getting to know our clients and listening to their requirements to ensure we provide the right financial solutions every time. 

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