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Gateshead Mortgages

Gateshead mortgages provide many opportunities for Tyne and Wear residents to obtain prime river front property at incredibly affordable rates. Nestled along the Southern bank of the River Tyne, Gateshead is filled with beautifully crafted houses, flats and home styles of nearly any sort. This metropolitan borough is dotted with iconic architecture, and is also home to MetroCentre - the largest shopping centre in the entire European Union. Whether you are looking for a trendy town home close to some of the best shopping and dining in North East England or a cozy cottage just outside the city, Gateshead mortgages can assist you in acquiring the exact property you desire, even if you are seeking first time home purchasing loans.

Choosing a Home

To some, it may seems as there is no such thing as a bad choice when it comes to purchasing a property in Gateshead. However, making a rash decision on your real estate investment can lead to regret, debt and even home foreclosure if you are not careful. Just as with any other investment, it is important to consider not only your current needs and financial situation, but your future finances and needs as well. Because Gateshead mortgages may last as long as 15 to 25 years, or more, it is important that you prepare for what may come.

For example, if you and your spouse are young, newly married and looking to bask in the exciting nightlife Gateshead has to offer, a trendy flat may seem ideal. However, in just a few years you could be considering starting a family and that apartment right in the middle of the hustle and bustle of the city centre may not be conducive to your plans. As any Gateshead mortgages broker will likely advise, it is always best to plan for the long term, borrow mortgages below your means and do not bet on an improved financial situation. If your finances improve, you can always pay off your Gateshead mortgages early.

Right to Buy Mortgages

In recent years, many prospective homeowners in England have realised the great benefit of renting council homes. A council home is a property that is owned by the government and let or sold for affordable rates. Often, when people are not yet financially able to purchase a home they may decide to rent a council home instead. After several years of renting, it is likely that a tenant will have spent almost as much as they would have if they had taken out mortgages on the property. In order to assist renters who are interested in buying, the Right to Buy (RTB) scheme was developed.

The Right to Buy scheme allows tenants to purchase the property they currently let at a discounted price. The price for which you may buy the property depends on the length of time you have lived in the home as well as the amount of rent you have paid thus far. In order to take advantage of a RTB scheme, a renter must be a council home or public sector tenant for at least five years. However, if the property is a second home, you have filed for bankruptcy, you are under a court order to leave the property or you still owe money to creditors, then you are not eligible for the RTB scheme.

When you are approved for an RTB scheme in Tyne and Wear, you can begin comparing RTB Gateshead mortgages. Most lenders of mortgages in Gateshead will lend borrowers 95 percent to 100 percent of the total RTB price. Some Gateshead mortgages lenders will even provide you with more than 100 percent of the total price, and you can use this additional money for any updates, repairs or other costs associated with buying the property.

Gateshead Property Valuations and Surveys

When you select a Gateshead home that you are interested in buying and you have chosen a Gateshead mortgages lender for your mortgage loan, the mortgages lender will likely request a valuation to be completed. Valuations are surveys of a property that are ordered by lenders to ensure a piece of property is worth the amount that is being requested for a loan. The reason for a valuation is to protect the financial interest of the mortgages lender.

It is important to realise that a Gateshead mortgages lender valuation is not the same thing as a full homebuyers survey and the lender is not responsible for detecting any issues or defects within the home. Before you invest in a property, it is important to hire a surveyor to do a thorough investigation of the home to ensure the space is not only valued at the correct price, but also that there are no major hazards. It is always important to be doubly sure a house is proper for you before you turn it into your home.