Is Wolverhampton Cheap For First Time Buyers

The house portal Zoopla has collected data and confirmed that from the area’s within the Black Country and Birmingham, Wolverhampton has one  district which has the cheapest property prices.

At the top is All Saints in Wolverhampton. With an average house price of £101,600, it’s the cheapest on the list according to the property portal Zoopla. The average annual income required to secure a property in this area is £22,000, with an average deposit of £16,000 required. This is of course a broad guide as to the costs and the amount of deposit required.

Most people seem to be concerned about the two B’s  Brexit and Boris, yes the property market in Wolverhampton and the midlands is experiencing uncertain times and yes this may last for a few months. Despite all this the residential market remains stable.

So when you see a property for sale at £101,000 remember that Whether it’s a no-deal or deal Brexit, houses will continue to be bought and sold. Regardless of what Boris Johnson or Brexit throw at the country on the 31st October prices will steady over time and then they will rise. 

If you like a free consultation and a professional recommendation on the best mortgage for you call Paul on 01902 213201

I Want To Buy A House But I Am Self – Employed

This question has been put to me many times.

Clients Question.

Will I have to wait until I have three years business accounts, just over a year ago I became self – employed. However it now feels like the right time to buy my first home in Wolverhampton and I don’t want to wait. I don’t really want to go back to being an employee just to get a mortgage. My friends all have different opinions about whether I can obtain a mortgage or not.

Paul’s Answer.

Yes you can obtain a mortgage when you are self – employed by providing just one year’s proof of income. There are lenders out in the market place but of course only a small number. The rates will not be quite as competitive as a mainstream mortgage product because the lender is taking on more of a risk with the self – employed person.

If you have two years plus business accounts then you will have more choice and highly competitive mortgage products, subject to your credit profile and the nature of your self – employed status.

If you like a free consultation and a professional recommendation on the best mortgage for you call Paul on 01902 213201