Often, your mortgage repayments can work out less than what you’re currently paying if you’re renting or don’t have the right mortgage deal for you currently. But, you should be aware of other monthly payments you might have to pay because this can significantly increase your property-related monthly outgoings.
Monthly fees might include:
Leasehold fees
If you’re buying a flat, there could be a building maintenance, ground rent or management fees. These fees are usually monthly and go towards any maintenance to the common areas that will need doing. Common areas include the outside of the building, stairs, ceilings, shared garden. All the people in the building where your flat is will pay into this fund.
Insurance
It’s always a good idea to insure the contents of your home, whether you’re renting or if you own your property. But it’s also a great idea to insure other more serious things after you get a mortgage. Talk to a professional insurance broker about things like life insurance, critical illness insurance and income insurance to see what you might need.