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WHAT SHOULD A MORTGAGE TERM BE? I’m a first time buyer and I’m unsure how long my mortgage
term should be.What’s the best option if I’m worried about affordability? Patrick Browne
FTB says: If your monthly mortgage payments feel uncomfortably high, choosing a longer repayment term can ease the pressure by lowering monthly outgoings, though it does mean paying more interest over the life of the loan. While 25 years is the typical mortgage length, extending it can give helpful financial breathing space in the early years of homeownership when budgets can be tight.You might also come across interest-only mortgages, where you pay just the interest rather than reducing the balance itself, but these have become far less common. Although the monthly cost may seem attractive, you’d still owe the entire loan at the end of the term, which is a significant responsibility for any buyer to plan for carefully.
OFFER REJECTED I’ve just put in my first offer on a house and it was turned down. Should I be worried or change my approach? Hannah Trent FTB says: Having your first offer rejected can feel disappointing, but it’s a completely normal step in the buying process and rarely a reflection on you. Negotiating is a delicate balance, you want to secure the property for the best price, yet if you go in too low, the seller may feel the offer doesn’t match their expectations. As long as your opening bid wasn’t unrealistically low, a rejection simply means the seller is trying to achieve the strongest price they can, which is understandable. It’s not personal, and it doesn’t mean the door is closed. There’s no fixed formula for how much to offer below asking price because every seller, property and market condition is different. If you’re unsure how to proceed, speak with your estate agent. They can offer valuable insight into what level of offer is likely to be taken seriously, and how best to position yourself as a committed buyer.
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CAN I GET A MORTGAGE IF I DON’T WORK FULL-TIME? I’m hoping to buy my first home, but I’m not in full-time employment. Will I still be able
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com without full-time employment, demonstrating financial stability and reliability can go a long way in reassuring lenders. are consistent and likely to continue. Their main focus is on affordability, so they’ll look at how your income balances with your bills and financial commitments. Offering clear evidence of stable earnings, maintaining good financial habits and keeping outgoings under control can all strengthen your application. Even
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WHAT IS AN EWS1 FORM? I’ve heard a lot about EWS1 forms and fire cladding. Do I need one before buying my flat? Liam Kilkenny FTB says: An EWS1 form, which assesses fire safety on buildings with cladding, has become an important consideration for buyers of flats, particularly in taller or newer buildings. Lenders may require an EWS1 certificate to confirm that the building’s external walls are safe before approving a mortgage, as it helps them understand the potential fire
risk. While not every property will need one, typically it applies to buildings over 18 metres with combustible cladding, so check early in the buying process. Obtaining an EWS1 can sometimes take time, as it involves a qualified professional inspecting the building and certifying its safety. Speaking to your estate agent and lender about whether an EWS1 is needed for the property you’re interested in can save delays and ensure you’re prepared for any additional requirements before committing to a purchase.
to get a mortgage? Daniel Redbridge
FTB says:You don’t necessarily need a full-time job to get a mortgage, but lenders will assess your overall financial situation to understand whether the repayments are manageable for you. Many providers are open to a range of income types, including part-time wages, freelance or self- employed earnings, benefits, or other dependable sources, as long as you can show they
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