What does it mean to be a homeowner?
When you own your own home you need to make sure that you can meet the financial responsibilities that come with being a homeowner.
If your mortgage repayments are variable and not fixed; will you still be able to afford the payments if the interest rate goes up?
Mortgage payment protection
You may wish to consider payment protection, this is a type of insurance which may provide cover if you were to lose your job or become too unwell to work.
You will usually need to have life insurance if you have a mortgage, to cover your mortgage repayment in the event that you pass away or become unable to work.
If you have a mortgage then you will also need to take out buildings insurance, this is to ensure any damage to your property is covered.
Repair and Maintenance costs
Unlike when you are a One Vision Housing customer, as a homeowner you will need to carry out your own repairs and maintenance of the property. You need to think about how you would manage if your boiler suddenly broke in winter and you had no heating or hot water. Some insurance companies offer cover to help in situations like this.
These additional costs need to be factored in to your normal monthly outgoings like utility bills, council tax, and housekeeping costs.
Consider all of these carefully to ensure that you can afford to make all of the payments that you would need to make.