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Is Now A Good Time To Get A Mortgage In Colchester?

Getting a mortgage on a property is one of the biggest financial steps you will take in your life so understandably you want to be sure you are doing the right thing. Is now a good time to buy if you’re looking in Colchester or Essex? Recent news shows that the economic climate may be improving for first-time buyers. A variety of schemes are available that make it easier to buy a home, and mortgage rates are looking favourable. Here are some more details about the reality of getting a mortgage right now.

Latest Mortgage Deals and Schemes

Major lenders Nationwide and Santander have recently announced that they are putting forward 95 percent mortgages for first-time buyers, meaning that you do not need to have a massive deposit in order to qualify for a mortgage. The Help to Buy scheme is also valuable for first-time buyers and can make the difference between being able to afford a home and having to rent for the foreseeable future.

Getting a Mortgage Deal in Essex

If you are a first-time buyer in Essex you may find that certain places are priced outside of your range as you will be competing with the pounds of those people commuting in and out of London. Chelmsford, for example, has gone up a lot in price recently. Colchester, on the other hand, is much more affordable for first-time buyers and you can find some good properties in Colchester in the lower price ranges. It is a good idea to get onto the property ladder and then be able to move to a different town or to a bigger place further down the line. Estate agents have seen a rise in first-time buyers in Essex, meaning that the market is certainly getting stronger in the county. Now could be a good time to look for the right mortgage deal – especially if you have been able to save up for a deposit to put down on a house or flat.

Mortgage Help You Can Use

It’s a big step, getting a mortgage, and you need to know you are getting the right deal for your needs. By going to a specialist Mortgage Broker such as a professional mortgage advisor Colchester offers, you can discuss your options and the broker will tell you exactly what deals are provided at the moment and whether you can afford them. You can also discuss what fees are likely to occur during the process of buying a house so you can effectively budget for all stages so that there are no financial surprises. All mortgages are different, so it’s certainly not the case that one size fits all. In order to get the right deal, you need to examine your options carefully. A professional, independent mortgage broker helps navigate through the different mortgage products on offer to find affordable options that are within your financial reach when you are looking for property in Colchester and Essex.

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