An important part of improving your prospects as a first time buyer in the Heaton Moor area is to do your market research. Look online at the latest house prices for similarities similar in extent and area to your ideal character, to get a better idea of the kind of prices you can expect to have to pay.
Get to know more about the mortgage market. Although this does not sound like much fun, the better acquainted you are with the types of mortgages obtainable to you, and the kind of rates that you can expect to have to pay, the better equipped you will be when it comes to tailoring a mortgage to your own needs.
Many edges and mortgage lenders now have handy mortgage calculators on their websites. Make use of these to calculate exactly how much you can provide to borrow, how different mortgage types will affect your mortgage repayments, and how long your mortgage will take to pay off.
Most lenders have now tightened their lending regulations and expect you to put down a minimum place of 5 to 10 per cent of the value of your chosen character. If you want to access the best mortgage rates, then be prepared to pay in the vicinity of 20 to 25 per cent as a place.
Start saving now. The bigger a place you can put down, the better your chances of securing that mortgage. Open a dedicated savings account, or tax free ISA. You may want to consider moving back in to the family home to save on rent and help you to save faster too.
Consider a joint mortgage where you buy a character with friends or relatives. Not only will you be able to put down a larger place between you, but you may be able to provide a larger character, or a character in a more desirable area too.
Joint mortgages are usually obtainable to groups of no more than 4 people, with only the top 2 incomes being taken into account by the lender when calculating how much they are willing to lend. However, all of you will be held accountable for the debt.
To help with your mortgage repayments, you might want to consider renting out a spare room in your character. If you are open to this option, then look for similarities that are appropriate, such as divided level housing, and homes with more than one bathroom.