How I Got My First Mortgage In A Pandemic.


If I'm being completely honest with myself the move from London was long over due. 8 years of my life and the best part of my 20's were spent in that magnificent city. I'll forever be grateful for what it brought me, but heading towards my 30's something didn't sit right. The cost of living, the struggles. As brilliant as a city it is, it does tend to tear you down. I'd be fortunate to come in to some money, and with savings and I'd initially toyed with the idea of owning with a help to buy and how it'd be possible staying in London due to not wanting to give my career up. Thanks to the pandemic, a job change and flexibility with where I could work, I decided then was the time to move, and to seek out the opportunities to possibly own a home.

Something we're not necessarily taught the first thing I had to do was look at my options. Using a calculator online estimating my mortgage affordability based on my income was the first step. What is is I can afford? Which ultimately could lead me to where I was going to purchase. As it was South Wales was always the only option for me. To be closer to family (which was a big point of leaving the city), being closer to mates (the second big contributing factor) but where in South Wales could I afford.

By initially combating what it was I could ideally afford, it helped my search on sites such as right move to look at booking viewings.

With each house I liked I used a mortgage calculator to see what my monthly payments would look like, the over payments etc. It really did make the world of difference knowing this information and helping me really control what it was I could afford and the expectations of what I could purchase.

I ultimately then went with a mortgage broker informed and with a worlds worth of knowledge, with their help securing the best possible chance to get a mortgage and at the best rate.

When I was looking it was getting more and more difficult to get a mortgage with lenders as the risk was higher, they were looking for big deposit's. Luckily I was pretty comfortable with the amount I had, compared to the price of the property I was purchasing. I managed to secure the best mortgage for me, and the dramatic decrease in what I was paying compare to the flat in London was gladly welcomed. 

Looking at the market currently it certainly looks there's a boom for housing, as seen in this House Price Index . I truly believe I managed to get my home and mortgage at the complete right time. 

This month the Price of property coming to market rose by a relatively modest 0.8% (+£2,509) though still the largest rise at this time of year since 2015, and prices are now at a record in all countries and regions of Britain. The price of homes in Wales alone, was up by 14.6% since March 2020, and also the highest jump in buyer demand, up by 44%.

Just speaking to friends and even my own experience the last couple of months houses haven't been sat on the market for long. But with high prices combined with an all-time low in the number of available properties on agents’ books, we are starting to see a slow the market’s frenetic pace, which I think ultimately is going to see things return to some sort of normality.

There's no better time if you're thinking of investing and owning though, and I'd highly suggest using the calculators above to just capture what is affordable and an option for you. I was shocked by my outcome, but I'm now in a 3 bedroom home I own and love.**


Love

Cardifforniagurl

xo


** please note I am not a financial advisor and you will need to research and of course keep up with your mortgage payments if successful. 




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