Getting a mortgage is one of the biggest and scariest commitments you’ll ever make in your life. Once you’ve taken the plunge, it’s true you could be liable for an awful lot of money, but the benefits of having a mortgage can far outweigh the risks.
It can be tempting to stick to renting, there are advantages involved. Relying on a landlord when things go wrong is a safety net for many, but it’s not always as easy as that. When you own your home, you’re the master of the ship. Nobody dictates what you can and can’t do with the place you call home. You don’t have to follow the rules set out in your tenancy. You can do things on your own terms.
You are entering into a big agreement with your mortgage provider, but looking around for the best rates often means you finish up paying for less for your monthly mortgage repayment than you would for your monthly rent. Financial freedom often comes from having a lower repayment and not being so restricted by your finances before payday.
With a mortgage, you also get the peace of mind of knowing where your money is going. With a rental payment, it feels as though you’re wasting your money, giving it away. With a repayment mortgage, you know most of that payment is coming off the balance and leaving you with more equity every month. Even if you have an interest-only mortgage, you’re paying a low monthly repayment and house prices usually increase over time.
It can be hard to save and build assets. When you’re paying off a mortgage you know you’ll have that asset there for the future, to do with as you wish.
As time goes by you could use the equity in your home to fund a larger property for your family. Having a dream house for a first-time buyer is often an unrealistic goal. But using your equity wisely can make that dream come true. When the time comes, you can use your equity to help in retirement or pass it on to loved ones. These are all long-term goals, but it all starts with getting that first mortgage.
Every large financial decision carries a risk, but none have the same rewards that owning your own home can bring. Most people aren’t able to buy a home outright, so that leaves us needing a mortgage to live the dream. The advantages are vast and if you get the right deal, the process can be a lot easier than you think.
There are so many options available to help you get on the property ladder. There’s help available to secure you the right deal, ease the transition and start taking steps towards having an asset you’re really proud of. Renting is easy, but it doesn’t offer you any help for your future. Getting a mortgage isn’t as daunting as you think. It gives you a future of financial security and a place to call your own.
Contact Acorn4mortgages today and take that first step to securing your future.
0800 970 1795