Category Archives: Credit card

How to plan funding for buying a new home in the UK

dependableconveyancingservicesEveryone wants to live in high standard residential areas where one finds a better environment, living conditions, and a better community. In addition, people will like to know if there is a high school in their community, a park for their kids, high mall for shopping and commercial buildings for easy access to their offices. Buying a home is not that easy for everyone’s pocket and you all know that home prices in the UK are very high, changes every year. Still, who wouldn’t like to live in a better neighborhood?

Most of us would like to buy an ideal residential home from our long term savings, but due to different circumstances, we won’t be able to keep our savings. Even if we manage to keep our saving and for instance, if we buy a new home in a desired location, this will turn us back to zero saving and that won’t be a better plan. Therefore, before signing a contract with the seller, people should know how they will be managed to pay for the future fund that they would pay for home renovation, new furniture and many extras.

In this article, you will learn about planning your funding for buying a home in the UK. Primarily, you should know about the status of your present funding, i.e. presents savings in the bank, monthly earnings report and a few more things as detailed below:

  1. Your credit card reports must be accurate and up-to-date
  2. Information about gathering of funds
  3. Your loan options
  4. Mortgage or no mortgage
  5. Mortgage options
  6. Interest Calculation for loans
  7. Paying back your loan

Credit Card Report

You must gather first your credit card report that you can get from your bank holders. On your request, banks will give you the up-do-date document of your credit card. An easy way to collect the credit information is available at Experian, Equifax, or Callcredit. These companies are licensed in the UK under credit reference agency providing people the summary of their credit card spending. Your money lenders will ask you the credit card report before lending funds for home buying.

Key Documents

In addition to credit card document, lenders will ask the reports of your monthly earnings, IRS file for self-employed, bank accounts, 401k funds and other assets. Monthly earning and expenditure will give you the idea that how much you spend and what extra funds that you can save each month so that you would be able to pay back the periodic debt.


Mortgage lenders will give you funds for buying an ideal home in the desired location, but you first need to know if you can manage to pay it back, and what are the different mortgages that you can opt for?

Mortgage options

There are different mortgage packages and base upon your principle funding you should pick the one that will meet your house funding and moreover if you can pay it back. There are several kinds of mortgage varies in the terms, down payments, and interest rate. In short, there is a 30-year plan, 15-year plan, fixed rate mortgage, and adjustable mortgage.

Paying back Mortgage

Different mortgage types are paid back on different terms. Some are paid on a long term fixed period 30, 15, or minimum 10 periods; but there is another kind i.e. adjustable rate loan. In this loan, the interest rate is low in the short term, but increase depending on the type of ARM (adjustable rate mortgage).


The interest rate depends on the age of the mortgage or loan. The short term fixed mortgage or loan will come with extra or prime interest; however, long term loans have a low interest rate to pay back.


Reading and getting the know-how of the document required for house funding, mortgage, its types and the interest information, you can now plan easily for buying an ideal resident in the desired neighborhood in the UK.

Solicitor’s Advice

Planning and doing everything on your own is not that easy as it seems, you need expert advice for buying a home which is a great deal and matters a lot to you. You can consult the expert advice from NBMlaw solicitors group, their team of solicitors; they are the best people in this field. For more information, visit their website