Mortgage For First Time Buyers

Paying for a home is an uphill task for most people. Property prices are ever increasing and are quite high even at the moment. For first time buyers, these property figures can be quite daunting. It’s for this reason that many seek to get mortgages where lenders foot the bill and they get to repay the balance over a period of time.

 

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Mortgages are a good way to make home ownership come true due to a number of reasons. For one, the interest rates on mortgage plans are way lower than that of bank loans. At the moment, these rates are at between 1-4%. Two, mortgage plans afford one the comfort of buying the house over a period of many years, mostly 20-30 years. This way, buyers do not have to stretch their finances too much. There are also many lenders in the industry so the competition works in favour of the buyer.

When taking out a mortgage as a first time buyer, the lender will first have to ensure that you are capable of repaying. This will involve looking at your income(s), credit history with other loans and credit cards and the value of the house you intend to repay.

When choosing a mortgage plan, look for packages that offer lower rates. There’s always an introductory rate which is usually priced lower. This is usually charged for the first 2-10 years. After that the rate usually increases depending on market conditions. The rates may go up or down depending on this. One has the option of remortgaging around this time if they feel they can get a better deal with another mortgage plan.

Once one has a mortgage plan, it’s important to make timely payments to avoid penalties. Also, the higher the deposit you pay at the beginning, the less the rates and fees. The same applies to the duration of the mortgage term. Those who pay their mortgages over a shorter period pay less because interest accrues each year.

The government and mortgage lenders have schemes that encourage first time buyers to take the bold step of owning their first home. At the moment, the government has schemes such as the Help To Buy mortgage and NewBuy scheme. These are aimed at helping first time buyers raise the deposit required and pay lower rates. Lenders also offer competitive rates for first time buyers, usually at lower rates than those remortgaging or taking up a second home.

Other advantages of being a first time buyer include having a longer time to repay the mortgage. This is because one is relatively younger and therefore has more years ahead before retirement. This makes it easier for them to repay quicker. First time buyers can also enjoy being applicable to most mortgage packages on offer.

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Mortgage For First Time Buyers

How to Get License to Practice Conveyancing

Conveyancing is a legal contract developed between two parties in real estate property businesses, to transfer ownership of property from one party to another. The contract legally binds both the seller and the buyer to perform their duties/obligations. Like leasing business, Conveyancers must have to devise essential documents like purchase price agreement form, actual transfer date, and terms and conditions to sign a contract.

Developed countries like United States, United Kingdom, New Zealand and Australia, force their conveyancers to follow some rules and regulations. It is now essential for conveyancers to become licensed. They need to take admission in a well recognized and certified college for almost three years program. Students must complete two years internship and pass national exam so as to become licensed.

In year 2011-12, Conveyancing Scheme was legitimately recognized by the official bar master, Council of Mortgage Lenders (CML), Association of British Insurers (ABI), and by the Building Societies Association (BSA).

Instructions

How to Apply

Students should apply to well recognized institutions that aim to enrich students with both theoretical and practical knowledge. Law colleges are considered more applicable as they equip students with contract land law, introduction to legal terms, business law and fundamentals sections of buying and selling.

Get Practical Exposure

After successful ending of theory, students need to work for 2 years under the supervision of competent professionals in this field to complete degree. They’ll either get part time or full time opportunity to complete training. Qualified employers are licensed solicitors or Conveyancers. Some of the institutions exempt practical training.

Submit a Certificate of Practical Training

Once twelve month training is completed, get training certificate which is a proof that you’re getting training from well qualified and experienced professional. You must mention your job descriptions, achievements and get signature from your supervisor. After the completion of both coursework and internship, you’ll be able to take licensing examination.

Registration for the Conveyancing Examination

Conveyancing exam is very complex and challengeable; so it requires a lot of study. Always prepare yourself to learn as much as you can to successfully pass the examination. The exam encompasses both topics which have been learned during coursework and practical training.

Apply for an Employed Licensed Conveyancer

After successful completion of examination with excellent score, go ahead for Employed Licensed Conveyancer. Suppose you’ve been awarded a license, you will be authorized to carry out conveyancing services, oath commissions for offering of services as well. The application can only be rejected if any of the pre-requisitions i.e. coursework, conveyance training, internship, or the final examination have not been successfully accomplished. In such case, you should apply after every twelve months. Normally, licensed Conveyancers are employed by financial intermediaries, banks, building societies or local authorities.

How to Get License to Practice Conveyancing