Mortgages in 2021

So where do we begin? It’s 2021 – HOORAY – we finally waved goodbye to the disastrous year that will forever be known as ‘The nightmare of 2020’. Find out more about Mortgages in 2021…

Please note this is a collaboration post.

Mortgages in 2021 – a breakdown:

Many of us are planning holidays, weddings, re-booking trips and also looking at moving home. It is the year for embracing life, all its opportunities, and most importantly our dreams and aspirations.

A lot of my friends purchased their first homes last year (yes, during a pandemic) because they used online calculators to see whether it would be more affordable for their lifestyle to rent or buy. Unsurprising to me, it turned out that buying their first home would be most cost-effective option moving forward. The rent calculator First Time buyer mortgage experts showcased how most of their money would be wasted, and not beneficial to their goals, dreams and aspirations for the future.

So where do you begin when looking at mortgages for the first time?

My suggestion would be to use MortgageCalculators.info before doing anything. It will ensure that you work out all your options, finances and possibilities before setting a bar too high or too low.

The website has calculations options on: renting vs. buying, tax savings estimator, comparing loans, loan payoff goals, discount points calculator, mortgage rates calculators and loads, and loads more!

Preparing to shop for your mortgage is a HUGE step. So don’t rush into it without being prepared, wised up and with an action plan. Everybody has a different action plan when it comes to a mortgage, so work out what works for you personally before jumping straight in.

Some top tips this year if considering a mortgage for the first time:

1. Save – The more savings you have right now – the better. It is always more beneficial to put down a bigger deposit than a smaller one.
2. Speak to a mortgage adviser. It is best to discuss your goals, affordability and your expenses/outgoings with a specialist.
3. Research – Do not just jump into this. It is a BIG decision, and the more research you do before hand – the better it will play out.
4. Prepare your paperwork. Mortgages involve lots of paperwork. Start getting organised and creating a little folder full of items that may be requested.
5. Clued up – Once you’ve discussed your options, make sure you fully understand everything that has been suggested to you. It is important that you are FULLY in control of your home buying experience.

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