As the cost of living increases, including your monthly bills, you may be wondering whether it’s best to buy a home now, or wait.
The best time to buy a property is not the same for everyone. It’s important to consider your financial situation and understand how buying a home will impact your monthly outgoings.
Here are a few things to consider to help you decide.
When interest rates are high, demand drops, which can reduce house prices.
However, many things can affect property prices, including location. Prices may be higher where supply is low – if fewer houses are built, or don’t come on the market very often in a certain area, for example.
If you’re able to save up for a larger deposit – this will increase your options to find a better mortgage deal. The more you borrow, and the longer you’d like to repay the mortgage – the more interest you’ll pay overall.
You can use our mortgage repayment calculator to give you an idea of what your repayments could be, based on the interest rate, term and repayment type you select.
Buying a property can be an exciting and rewarding experience but you need to be mindful of the various costs involved. As well as the mortgage payment, you may have other costs – such as utility bills, Council Tax, home insurance and potential repairs – that come with owning your own place.
Your home may be repossessed if you do not keep up repayments on your mortgage.