Buying a property – be it a house, cottage or castle - is probably the largest financial investment you will make in your lifetime so this subject deserves your utmost concentration.
Because this very complex subject is covered extensively on this site, for your convenience we list below, under Our Other Pages, all the sections that are available.
On these pages, we will attempt to give you many free tips that will alert you to the money traps you are likely to encounter where buying or selling a property is concerned.
We are showing you how to make money when selling property is concerned, and how to save money buying a property. Help is offered regarding coping with your mortgage.
Whether your choice is a cottage or a castle, you will be bound to find something of interest here.
Regarding a mortgage we are not Licensed Financial Advisers and are therefore forbidden to give you any direct financial advice on the subject of mortgages.
Your solicitor, conveyancer or estate agent will doubtless be able to offer the names of companies with whom they are familiar. But, as always, do your own research on any property you are considering.
One tip here that will help you evaluate their advice - it will be worth while asking them if they receive a commission from the mortgage company they are recommending. This could cloud their judgment and their impartiality. The commission gained is often very hefty, and of course, you will be paying for it. Look after your own interests here - there is no such thing as a free lunch.
This advice most definitely applies if you are using a Financial Adviser.
You are meant to save money not to give it away.
In a recent 'Which' Survey
(see our Links page)
more than two thirds of financial advisers who are tied to a bank or building society gave poor advice.
Only 32% of these tied financial advisers passed all the tests on providing advice.
Independent Financial Advisers (IFAs), who can advise from a range of products across the market, did better in the Survey with 47% passing all the tests.
'Which' also suggests getting advice from three different IFAs and checking their qualifications and charges before coming to a decision.
The main point you should bear in mind is that there are many mortgage companies available all seeking your custom, therefore judge them carefully and make sure you are getting the best possible terms. Your self-interest is your main aim. This is a very good time to be selfish!
One type of mortgage which carries more than a fair share of risk is an Interest Only Mortgage. This means that although you will be making regular payments to the mortgage company you will not be paying anything off your original borrowed capital sum.
All mortgage companies differ in the benefits they offer, some will even arrange for you to have a 'holiday' clause written into your mortgage contract whereby you may take a 'mortgage holiday' for a few months to give you a breathing space.
You will need to carefully evaluate which company gives you the best terms and conditions. There are many options open to you. Read our tips on this subject.
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