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Navigating Your First Home Purchase: Expert Mortgage Advice for First-Time Buyers
Embarking on the journey of purchasing your first home is an exhilarating milestone. At Richard Kendall Estate Agents, we understand that it can also be a complex process filled with questions and decisions, especially when it comes to securing a mortgage. That's why we're dedicated to guiding you through every step, ensuring a smooth and successful transition into homeownership.
Understanding Mortgages: The Foundation of Your Home Purchase
A mortgage is more than just a loan; it's a commitment and an investment in your future. As first-time buyers, it's crucial to grasp the basics:
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The Bank of England (BoE) announced on the 21st March 2024 that interest rates will remain the same at 5.25% for the fifth consecutive time. However, the BoE did hint at interest rate cuts soon.
At its latest meeting, the Bank said it had discussed cutting rates, with inflation - the pace of price rises - set to fall quickly this year. Governor Andrew Bailey says it is "not yet" the time to cut interest rates, but says "things are moving in the right direction"
The Bank's Monetary Policy Committee voted 8-1 in favour of holding the rates - the first time since autumn 2021 that no member of the panel voted to increase rates.
The Impact of Interest Rates Dropping
The impact of dropping interest rates on the housing market can have significant effects on various aspects, including affordability, demand, and prices. Here's an overview of how a decrease in interest rates typically influences the housing market.
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Are you wanting another bathroom or a larger garden? Have you got empty space you’re wanting to escape from? When choosing your next dream home, you can be faced with all sorts of questions, and we want to ensure you are taking a step in the right direction. Both upsizing and downsizing have their own unique set of advantages, and these options cater to different needs and lifestyles.
Everyone will experience upsizing and downsizing throughout their lifetime in the property market, so, let’s discover what’s right for your next property move.
Benefits of upsizing
Is Upsizing the Right Move?
Upsizing is one of the most attractive parts of moving houses, as you really feel like you’re finally moving up the property ladder. There are clear advantages when it comes to upsizing, but is it right for you?
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It’s come to the end of your current tenancy agreement, and your tenants are ready to move on, but are you? We’re here to supply you with a simplified checklist on how to get ready to place your property back on the rental market.
Agreed-upon end date
If you have tenants that have decided to leave or whose contract has ended for your rental property, then you need to ensure you have both confirmed an end date. This is extremely important to ensure that all parties involved are aware of this agreed-upon end date. This should be provided in writing. Having this date in the diary will also allow you to plan so you have a smaller gap between tenants.
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Conducting viewings is no easy task, and this is partially because buyers often arrive with a long list of questions and queries. If you are curious about what you may be asked during viewings, here are some of the most common tricky questions:
How old is the roof?
A prudent buyer may ask how old the roof is. Replacing a roof is an expense that most prospective buyers will want to avoid for at least a few years. Depending on the materials, the typical lifespan of a roof is 15-20 years, so it’s important to be aware of how long it’s been standing before selling.
