Why it Might be Time for a Flexible Home Loan


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For the vast majority, the biggest purchase that they will ever make will be buying a home. Most people will not be able to afford to buy a property outright which is why a mortgage loan is such a common part of modern day life. A mortgage is a loan which is taken out to purchase property and the loan will be secured against the value of the house until it is paid off.

Getting a Mortgage

As such an important part of life, it is essential that people take their time to find a flexible home loan and one which they will be able to afford. If you fail to make repayments, the lender can repossess the property and sell it to get their money back. So, how can you figure out what you are able to afford? This can be tricky but you can get helpful advice from mortgage brokers and there are also calculators that can work this out for you. In addition to thinking about your income and the money going out of your account each month, you will also need to consider the costs involved in owning a house, such as bills and council tax. On the other hand, if you find you will have extra cash available each month, I highly recommend using a mortgage overpayment calculator to find out how much interest you could save yourself in the long run.


Lenders will also be able to help you to figure out what you are able to afford. They will need to see proof of your income and look at your expenditure to determine whether or not you will be able to afford the repayments – this can be stressful and feel invasive but it is important that you and the lender know what you are able to afford. There are also other factors which could impact the amount that you pay, such as the size of the deposit that you put down so it can be a smart move to save up and put down as large a deposit as you can afford. Another important factor to consider is your credit rating so it can be worth taking a few steps to improve your credit score before applying for a mortgage.

Setting Up a Joint Account

If you are purchasing with your partner, it can be an intelligent move to set up a joint bank account with a bank like Thinkmoney. This will make it easier to manage your finances and establish a budget and it allows lenders to easily view both of your finances.

Obtaining a home loan can be a stressful and difficult process to go through and particularly with people carefully looking into your financial state, but once you have been approved you can then purchase your home. There is no feeling in the world like owning your first home and going through the application process should show that you will be able to afford the repayments so this can reduce stress.

*collaborative post

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October 9, 2018
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