The Aussie Go-To Guide for First-Time Buyers in Bath
Becoming a homeowner is a rewarding experience and getting onto the property ladder is life aspiration for many people. Even before lockdown, it was tricky to do this for people who are trying to get their first home. Now, it’s likely that lenders will seek a much higher deposit before agreeing to a mortgage. Although it’s also worth remembering every lender is different, and some will take a risk regarding home loans.
Aussie Man & Van always backs measures to help people buy their first property and finally move out of the rental cycle. Here’s our guide to deposits and tips for first-time buyers as well as low-income households in Bath.
The Aussie Guide for First-Time Buyers in Bath –
At Aussie, we often refer to other industries if they affect how we operate, which is why we keep up to date with the local and national housing market. The Covid-19 pandemic will undoubtedly cause issues in most business sectors, which could lead to a dip in property values. It’s not clear how lenders will react, but it makes sense to anticipate some of the larger companies will expect people to put down higher deposits. Conversely, there will be some smaller lenders who are willing to take more risks, but this typically comes with a much higher interest rate.
Regardless of how this pans out, first-time buyers will need to put in some extra planning to submit and receive a home loan application. You should start doing research now by contacting various mortgage lenders and using online calculators. This will give you an idea of how much your deposit will be, so you can work out how to start saving.
Aussie Man & Van will provide you with tips throughout your relocation, even when you’re organising and looking for quotes. We can pencil in future bookings and will be flexible with regards to altering dates wherever possible. And our range of services covers every type of relocation you can think of, and our prices are below the market rate.
We all start somewhere when it comes to getting onto the property ladder. The shift from renting to becoming a homeowner is a difficult transition. But it’s one-hundred percent worth it in the long run. Furthermore, good advice can save time and reduce any undue stress you might have. The Aussie team is here to help you realise your dream of owning your own house or flat in Bath.
How to Start Saving for a Deposit –
Although every step in the process of homeownership is important, without a deposit, it’s a non-starter. You need to have a minimum deposit to initiate a home loan application, commonly known as a mortgage. How much of a deposit you’ll require varies, but you’ll need anywhere from 10% – 25% of the total value of the property in question.
Even if you qualify for a first-time government buyer or low-income earner scheme, the likelihood of obtaining a mortgage without a deposit is very unlikely. You’ll also need to check out your credit rating because this will also affect any mortgage applications. Although this sounds a bit overwhelming, let’s put things in perspective: this is your first step in your journey. It’s possible to achieve if you start making changes today.
You’ll need to start taking more care with your money and record everything you spend. It’s easy enough to use a spreadsheet or Word document to note everything. And also keep any receipts and invoices. Input the information from your receipts in once a week, and by the end of the month, you should notice patterns emerge. Then you can see areas where savings are possible.
You will have to decide on a monthly budget, which includes your expenses and some money for things like gym membership and entertainment. Anything that’s left over should go into a savings account, so go and open one this week. If possible, set yourself some monthly savings targets. Check online to see if there are examples of typical mortgage deposits and any advice that relates to saving.
First-Time Buyer Schemes in the UK –
Let’s assume that you’re now well on your way to saving for a deposit. Your next line of research is first-time buyers’ schemes. This is something you’ll need to read up on and check on any changes to regulations or availability. The one thing that’s clear from everything concerning the COVID-19 lockdown is that there will be economic consequences. And this usually affects the housing market.
The government know the issues facing first-time buyers and low-income households who want to get onto the property ladder. That’s why various schemes were created to try and stimulate a new wave of homeowners. Some examples are Help to Buy, Shared Ownership, and Starter Home Scheme, but you’ll need to discuss them with a mortgage expert.
It’s possible to explore other paths when trying to find affordable properties. Housing auctions in Bath are an excellent way to acquire a house or flat well below the typical market price. Property development offers the chance to buy a building that needs renovation. You’ll have to be willing to project manage the whole restoration, in addition to whatever your full-time job is.
The best way to approach this is to do your research, contact a mortgage advisor or your bank’s home loan manager. You need to understand what your budget is, if you qualify for a mortgage and if you can receive any benefits from a housing scheme. From there, you can start to think about the actual property and what area you’d like to live in.
Things to Remember When Applying for a Mortgage –
After an initial closure during the lockdown, the housing market is open, but the fallout from Covid-19 will impact mortgages. There’s nothing concrete to go on, lenders tend to keep their cards close to their chest, but there are some likely factors to consider when applying for home loans. And all the previously mentioned schemes may be subject to change in terms and conditions. They might even close due to changes in lending and market confidence.
The thing that seems to be apparent is that lenders will look for more substantial deposits from first-time buyers. Job security will factor into their affordability and may result in rejections that might otherwise have been successful. If you’re currently in a furlough position, this might also have an impact on your ability to pass a mortgage application.
There’s no golden rule, though. All lenders will have their own criteria; some will be more open to assisting first-time buyers. While it’s likely some of the more prominent lenders will be more stringent, smaller companies might see this as an opportunity to provide people with loans. Either way, the reality you’ll face is a tough year when making home loan applications.
This shouldn’t put you off trying to become a homeowner, especially if you’re already working towards a deposit. Instead, it just moves the goalposts, and your timeframe might extend into later this year or possibly 2021. The best idea is to start speaking to lenders now to see what they’re offering. And spread your research net out wide – contact them all to see who will meet you halfway.
Choosing the Best Removal’s Company –
Buying your first home should be an exciting new chapter in your life, and it all starts with a relocation that goes smoothly. Assuming your mortgage application is successful, the next step is to find a a reliable removal’s company. If this is your first relocation, don’t worry – you won’t need to look any further than Aussie Man & Van for your removals and storage needs.
Online review platforms are an excellent research tool at your disposal and could improve your chances of receiving a better standard of customer service. By using platforms like Google Live and Trustpilot, you can see how previous customers rate a company. It’s this level of insight that can provide you with a high quality of service.
Aussie is a five-star company, and if you book with us, you won’t have to choose between value for money and excellent service delivery. Our customers enjoy the best of both and frequently return to use us for future moves or other services. The Aussie team are a friendly group that you can always contact when you need to. We will gladly discuss any details of our range of services with you.
Our Range of Removals and Storage Services –
Aussie has two primary domestic removals services at Aussie – a Man & Van and Home Removal packages. And the main difference between them is the vehicle’s volume capacity, but there are always exceptions. Sometimes people might have a smaller property which would indicate fewer possessions, but the actual items are bulky and larger.
Aussie’s Man & Van service is ideal for people who are moving out of rental properties with one- or two-bed room’s amount of possessions. The smaller vans adjust well to city-centre traffic jams and can easily change the route. For three bedrooms and up, our Home Removals service utilises a few larger van sizes. This is ideal for more significant volumes of items, and we do perform the relocation in one trip.
One of the packages in Aussie’s range is our dedicated Packing service. Our team will do all the heavy-lifting, inventory, loading and unpacking work for you. This can be invaluable for people who have busy schedules. And this is a service that covers national and European relocations. Aussie’s removals team have all the right packing materials which we also offer for sale from our website and depots.
If you run into an issue with moving dates, we have storage options available. Our Container Storage package would be suitable if you want long-term storage without the need for regular access. The Self Storage package is typically for people who require frequent access or needs storage for a short period. Our self storage units are drive-up, making it easy to load and unpack your belongings straight from your car or van.
Aussie Man & Van – Helping First-Time Buyers in Bath –
Aussie is the ‘can-do’ removals and storage company that will take on any relocation job, delivering the best possible service. And due to our high standards and attention to detail, we are fortunate to have a loyal group of customers. Furthermore, we receive hundreds of new customers via referrals from happy clients who recommend us to their family, friends, and colleagues.
Customer service is of paramount importance to the Aussie team. We work hard to create and deliver the best removals packages in Bath. In addition to the tried and tested removals services, we have specialist packages that you won’t find anywhere else. For us, more options equal a better standard of service.
If you’re planning to become a new homeowner in Bath, please contact us today. We’ll gladly discuss our range of removals and storage services, in addition to providing a free, no-obligation quote.