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Financial Preparation



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Aside from endless hours scanning the latest property brochures, a never-ending list of viewings and countless appointments at your local estate agents, there is a whole lot more involved in the successful purchase of a new property. Unfortunately, finding the perfect new home is not all about which house boasts the most elegant ceilings, which kitchen is equipped with top of the range made-to-order cabinets or which garden would give you enough space to build a patio or install a climbing frame. It is, just like everything else, also all about money.

It’s about how far you can make your budget stretch. It’s about how much you think you will be able to comfortably afford on a mortgage every month. It’s about the size of the deposit you are prepared to make and how long you are willing to commit to repayments.

 

As with any major financial decision, the first step is to seek advice with the professionals. Try to find someone with experience in working alongside people in a similar situation to yourself. Getting all the right information right from the start will help you to be more confident in making a successful property based decision for you and your family.

If you don’t have enough for a deposit there are a range of property loans available. Every bank and building society has something different to offer. To cite one example, Santander alone has a vast array of different kinds of loans to choose from. Shop around the Santander website to see what types of loans are on offer and more importantly, which ones suit you. Don’t be afraid to make demands and state what you want from your new financial arrangement clearly, right from the off.

Finally, take time to consider what long term impacts these decisions will have on your future life. If you want to pay more for a better property, think carefully about the sacrifices this could enforce: the summer holiday, the car, the number of times you eat out every week. The decisions you make now will affect the quality of your life for a long time to come so be sure to dedicate enough time to their careful consideration.

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