![]() Lenders also take into account how you would cope if there were a series of interest rate increases. But if you have large regular outgoings – a couple of club and gym memberships, an expensive car to run and significant credit card repayments, for example – lenders might be a little more restrictive on how much they will advance.Ĭalculate how much you can borrow for a mortgage This means they pay as much attention to your outgoings as to your income.Īs a rule of thumb, start on the basis that you’ll be eligible for between 3 and 4.5 times your pre-tax annual income. The larger the deposit, the more likely your lender will be to consider increasing the amount you can borrow.īut whereas lenders used to look mainly at your income, nowadays they look at the wider issue of affordability. As well as knowing how much you can borrow, the size of your deposit will play a part in this. Only once you know what your budget is, can you start to seriously house-hunt. Knowing how much money you can borrow is one of the first things to investigate. Want to buy your first home? Our personalised guide can help How does a mortgage work for a first time buyer? So despite the word ‘buyer’, you are not a first-time buyer if you have previously inherited a home.Īnd if you’re jointly buying a home with someone else, you are not a first-time buyer if either if you have owned a home before. You are a first-time buyer if you have never owned a home before. The good news is that if you’re a first-time buyer, there are special first-time buyer mortgages, and Help to Buy schemes are tailored to help get you on to the property ladder. ![]() Mortgage tips and tricks for first time buyersīuying your first home is a big deal and likely to be one of the largest financial decisions you ever make, so it is crucial that you research everything thoroughly and understand all your options before leaping in.Help to Buy and other government schemes.How does a mortgage work for a first time buyer?.Parchment Paper– I used to think parchment paper was a waste but it’s a cleaning lifesaver and there is no sticking! This paper has grid lines so you can cut it to just the right size.I use it for making cakes or any sort of bar treat because it allows me to store and transport with easy and it’s airtight. 9×13 Inch Metal Baking Pan with Lid– I LOVE LOVE LOVE this baking pan.I use it for cookies, cakes, frosting, bread, whipped cream… LOVE IT! Kitchen Aid Mixer– This is so handy to have in the kitchen.Heck yes! Swap out the semi-chocolate chips for a different flavor or throw in addition of nuts! TOOLS USED TO MAKE THESE CHOCOLATE CHIP COOKIE BARS: If it calls for around 1, use an 8×8 inch pan. Yes! Just spread the dough into a prepared baking pan and bake until the edges start to brown.įor a recipe that calls for around 2 cups of flour, use a 9×13 inch pan. Make sure your butter is soft enough so that you can cream it with the sugar. YES! Grab a big bowl, a wooden spoon, and some arm power. Immediately press remaining chocolate chips into the top. Spread the dough into the pan and BAKE for 22 to 25 minutes or until the edges are lightly golden.Stir in 1 1/2 cups chocolate chips until evenly dispersed. Add the vanilla and eggs, beating until combined and scrape down the sides as needed. ![]()
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