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Residential Purchase

Buying a property is one of the most important decisions that you will ever make, and buying a home for the first time will be an even more daunting prospect. When you consider the vast array of mortgage products available from a wide range of sources, and you are left with a very stressful and confusing decision.

We would like to help you get to grips with finding the right home and show you how to finance it.

Consider the Advantages & Disadvantages of Buying a House:

Advantages:
Becoming a home owner can be seen as an investment, assuming that over time you pay off your mortgage, you will own a valuable asset.

You will have the freedom to make changes to the property that you are living in.

You will not be dependent on the landlord when it comes to maintaing the property.

Disadvantages:
The financial costs can be daunting, both in terms of size and complexity. As well as the mortgage repayments there are other costs to consider, such as legal fees, estate agent fees, legal fees and in most cases stamp duty.

You will have to finance any major repairs.

You are less mobile than if you are renting a property.

Negative equity, this is when your house price falls and you still owe more money on the mortgage than the house is worth.

Consider the Advantages & Disadvantages of Renting a House:

Advantages:
The initial costs are much lower (although a bond is usually required), there are very few other up-front costs such as legal fees. If the property is furnished the costs are even lower.

It is far easier to move from one property to another. Renting offers much more flexibility when it comes to relocating on a regular basis.

The landlord is responsible for maintenance of the property.

Disadvantages:
Due to the possibility of eviction or non-renewal of contracts there will always be a certain sense of insecurity when renting.

The money you pay in rent is passed to the landlord. If you purchase your own home the money paid will be reducing your debt and the house will be retained by you as an asset.

Some landlords may not keep the house maintained in the condition you would like it to be kept.

Your home may be repossessed if you do not keep up repayments on your mortgage.
The Financial Conduct Authority do not regulate buy to let mortgages.