2017 might be the year you’ve earmarked as the time to finally make your move and enter the property market for the first time.
It can be an exciting time in anyone’s life but before you dive into estate agents, property websites and viewings, take the time to step back and consider some of the major elements of buying a house in Northern Ireland today.
It’s worth considering just how much you can save to put towards your deposit as even though options start at 5% mortgage rates can become much more competitive from 10% and 15% onwards.
To help with this you could check out Money Saving Expert’s mortgage calculator and also take a look at the Government’s Help to Buy ISA which was launched specifically for first time buyers in 2015.
Your Credit History
There are plenty of ways to boost and manage your credit history including ensuring you’re registered to vote, pay utilities and bills on time and ensure addresses and records are up to date.
This is a long term project so don’t worry. Put best practices in place and check your rating before any application to avoid shock and disappointment.
Proof of Income
If you’re self-employed you’ll have to work a little harder to prove your income. This will include 2 years of accounts, having an accountant, proving a track record of regular work, providing a good deposit and having a healthy credit rating.
Here, it is absolutely crucial that you agree to what you can afford today, rather than project potential earnings in the future onto this deal.
It is also recommended that you organise your mortgage deal, and have it in place, before searching for properties. As a result you will be able to move quickly and efficiently when everything is sorted. It should be noted that mortgage deals generally last for up to 6 months in principle and if that time has passed you would be advised to research incase better deals have become available.
The Backup Plan
This can come in a variety of shapes and sizes but generally boils down to what your partner can provide financially (unless you’re buying alone) or what savings you have stowed away for a rainy day.
Good luck with your property search in 2017 and beyond! If you have specific questions or want to learn more about the property market in Northern Ireland join us at the next Belfast Property Meet or click here to contact us today.