The UK has one of the most prestigious real estate markets in the world. You can find all kinds of homes according to your wishes. British citizenship or a permanent residence permit is not required to own a home in the UK. Owning a property here brings with it many advantages. In this article, we explained the benefits of buying a home in the UK.
Mortgage
Many people who want to own a home in the UK prefer to pay a mortgage rather than pay rent. Since mortgages are very long-term loans, they are almost the same as paying rent.
Mortgages are usually given for 25 years, and sometimes their duration can be extended up to 35 years. If you have a solid job and have been working in the UK for a long time, it will be quite easy to get a mortgage.
If you are a UK resident, it is possible to get a mortgage without paying any down payment. However, most of the lenders anticipate a 5% down payment. Some institutions can request up to 15% down payment. You can also take advantage of the mortgage discount.
Interest rates
You can choose a fixed or a floating/ variable interest rate for the mortgage. The fixed interest rate does not change in any way. In floating interest rates, the interests you will pay according to the interest rates in the market increase or decrease. The only disadvantage of a fixed rate is that you still pay high-interest rates even if the market interest rates drop. However, the advantage is that when interest rates rise, your debt is not affected in any way. For fixed interest rates, you know how much you will pay each month and adjust your budget as follows. There are no sudden changes. While the annual interest rate of fixed rates is around 5%, the rate of variable interest rates for mortgages is around 4.5%.
Real estate companies
Real estate companies do their jobs meticulously. They are sensitive to issues such as renting out your home in return for low commissions, collecting rent from tenants, and repairing physical disruptions in the home.
Financial gain
Buying a home in the UK means foreign currency earnings. In addition, rents in the country are generally high, so a property that you can rent out can bring a regular rental income. Especially for the last ten years, foreign currency investments have been gaining steadily.
Private life
The rights of the real estate owners are secured by the laws in the country. For this reason, if you have a problem when you rent your property, you will be satisfied to know that your rights will be protected. In addition, having a home in the United Kingdom, which is among the countries with the most beautiful natural and historical beauties in the world, will make you feel like a part of this beautiful country. When you have a home here, you will have the opportunity to get to know the British culture more closely.
