Owning a home is just what many people have done in this country for generations. But home ownership these days can be a daunting prospect with ballooning property prices, restrictions on low-deposit lending, concerns about job security and so on. These are all factors to consider no matter what the value of a home, and it is always a good idea to budget, plan and look into the future as far as possible.
Along with the other certainties of life (death and taxes), budgeting and thinking into the future also means it is reasonable to assume that you will need to absorb the inevitable rising cost of living overall – but not necessarily with a corresponding rise in income. Sad, but true.
Competition between banks has seen a wide variety of incentive packages offered to attract home-loan customers ranging from cash sums to electronic gadgets, waiver of loan approval or fees, discounted interest rates and so on. But, just like choosing legal services, cheap is not always better. Professional relationships and quality of service are important, and a saving or incentive at the outset is usually always paid for somewhere in the equation – although you may not realise it until later on. If you are buying a home or refinancing your existing mortgage, always make sure you get good legal advice and that you carefully review what any lending offer means for you long term, and how it stacks up with any other.