02/01/2024
THREE Unexpected Lessons I Learned When Buying My First Home.
I had just finished university, about to start a job as a mortgage adviser, so why wouldn't I want to buy a penthouse flat in Bath overlooking the river? What could go wrong?
👨🏫 Lesson 1. You Need A Deposit.
I clearly hadn't done enough research into the career I was about to enter! But at the time you needed at least a 10% deposit. Money I definitely didn't have... There are now options to buy with just a 5% deposit, or even none at all if your parents are wealthy enough to lend a hand.
👨🏫 Lesson 2. You Need A Decent Income.
This is just basic budget planning. There was no way I could have afforded the mortgage payments on my initial £1200 a month basic salary. I quickly learned that you couldn't just buy anything. And there were strict rules around how much you could borrow.
👨🏫 Lesson 3. You Need Someone To Tell You This Stuff.
I was fortunate to enter a career where I was paid to learn this. And trusted to help people like me (albeit with slightly more savings...) to move up the housing ladder. If you're asking questions, your friends and family probably are to.
Instead of the penthouse overlooking the river, I ended up in my own penthouse flat - well it was on the top floor - next to the train statin in Chippenham.
I've been helping people buy their homes for over a decade. And had my own firm for almost four years! If you're planning on buying in 2024, or simply need to re-mortgage, I'd love to be able to help!
