A Guide To Funding Your First Property Purchase

Getting your foot on that first rung of the property ladder is a milestone in every person’s life. Becoming a landowner means wealth generation, and the sooner that begins, the better. Of course, getting a mortgage is a big hurdle to overcome, and then there’s the deposit, which can be as high as 20%. Lenders are tightening up slightly, which means getting pre-approval isn’t a given. If you and your partner are both in employment, have decent salaries, and have a good credit score, you can approach a mortgage broker.

Here are a few funding options to consider.

Bank

If you have a great relationship with your bank manager, they would be the obvious choice to apply for a home loan. However, the trend has shifted from high street banks to online lenders, where you get a slightly better deal and fast pre-approval. The UK housing market, for example, is seeing huge increases, which makes it challenging for first-time buyers. However, places like Marbella offer a much better deal, and the weather is great; ideal if you work from home!

Consider A Foreign Purchase

The UK house prices are soaring. Many first-time buyers look further afield, with attractive locations such as Marbella. When you look at the stunning La Alcaidesa golf apartments for sale, it’s a no-brainer to have your first home in the sun. There are many benefits to foreign property ownership.

Southern Spain is only a few hours away by air. You can escape for long weekends, and renting out your home is always on the table, should you wish to generate an income. Most digital nomads live abroad, and who could blame them? Some even go as far afield as Thailand, but the majority prefer southern Europe, with Marbella being a popular destination.

Online Mortgage Broker

By far, the easiest way to find out if you qualify for a mortgage is to find an online broker. Mortgage brokers have a wide range of home loan packages to suit every lifestyle. So whether you are planning to acquire a villa on the Algarve or a condo in Marbella, the online lender has you covered.

With pre-approval, you can contact experts such as those at https://luxuryapartmentsmarbella.com/ and see what they have listed in your price range. Most people get a pre-approval within a couple of hours, and that’s all you need to start searching for your first home. There is minimal documentation needed by the online lender, and they are fast and efficient.

To conclude, if you can afford a property in your country, you are advised to search for an online mortgage broker, while buying Spanish property is also a great idea. The projected forecast for land prices in Spain and Portugal is good for those who invest now, and with new developments going up all the time, you can fly out and see your dream condo as it is completed. Furthermore, it is very difficult these days to amass the deposit for a property, especially in the UK, which is yet another reason to consider abroad, where down payments are much lower.