Tips For First-time Buyers in Ely

Buying a house is a big decision for first-time Buyers in Ely as it is anywhere in the world. Unless you get the correct mortgage advice, things can get confusing, stressful and time consuming for you. It can become even more stressful later if you have acted without the sorts of full information that an adviser would provide.

Advice For First-time Buyers in Ely

At The Mortgage Bureau, our mortgage advisers will help remove the confusion, save you time and provide the correct first-time buyer mortgage advice.

Being an independent mortgage broker here in Ely, we are not tied to any lender or estate agent. When we have a full understanding of your current situation this allows us to match you with the most suitable lender.

Because we want to help our customers make the right decision as first-time buyers in Ely, here are some tips you should consider:

• Responsibility: All lenders will check your financial situation so you should be in a position to show that you are responsible. For example, pay off your credit card bills and other debts on time to show that you can be responsible for the mortgage payments. That way you build up a healthy credit history that shows that you can be trusted.
• Save Hard & Boost Your Savings: As a first-time buyer, you should be prepared for the deposit and the mortgage repayments. Work out how much cash you are left with at the end of each month. Instead of keeping it in your current account, it should go straight into a savings account. That way you will not be tempted to spend it. Similarly, you should look for ways to boost your monthly savings. Cut down on any expense that isn’t benefitting you or your family. The bigger deposit you have, the better choice of mortgage deals you will have.
• Choose Your Mortgage Wisely:While our experts will help you get the right mortgage deal, you should still choose it wisely. The most important factor to consider is the overall cost of the deal, not just the interest rate. Don’t get tricked with a low rate deal, as it may come with fees and other charges payable at a later date. We will point these out to you.
• Compromise: Sometimes things don’t turn out the way we expect. It could be the location of your new property, or its size or its condition. Being able to compromise on any of these things could make the world of a difference for you, especially when it comes to buying your first home.

About Ely

Our Ely office is located on the Eastern bypass close to the mainline train station and the Tesco supermarket on a small business park with ample parking. It is a short walk into town where a number of local estate agents with which we work closely are located. We serve customers from Cambridgeshire, South Norfolk and Suffolk from this office.

Ely is in the area known as the fens which were a tidal marshland until drained and consequently the cathedral can be seen for miles around. Attempts to drain the Fens, and to protect the land from flooding, began as long as Roman times and continued throughout the Middle Ages, but the ‘Great Draining‘ took place in the seventeenth century. King James I declared in 1620 that ‘the Honour of the Kingdom would not suffer the said Land to be absorbed to the Will of the Waters, nor let it keep Waste and unprofitable.’ He would himself be responsible for the reclamation of the fenlands. He invited Cornelius Vermuyden to England, initially to drain marshes in Essex: Vermuyden was a Dutchman, then only 26 years old. The great works of large-scale drainage of the mid-seventeenth century in Fenland that followed, like the Old and New Bedford Rivers and the Denver Sluice, are some of the largest man-made landscape features in England.

The Mortgage Bureau, 26 St Thomas' Place, Ely, CB7 4EX | Telephone 01353 383773 | Website | Facebook