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First time buyers - What you should know
Buying your first home is probably one of the most exciting purchases you will ever make but it can also be a confusing time. Follow our tips and advice on how to make buying your new home simple.
You have the advantage
First time buyers are essential to keep the property market moving. As you won’t have anywhere to sell you can (in theory) proceed with a purchase quickly – making you an attractive buyer to anyone selling their home. This can give you a bargaining position when making your offer.
Deciding what you can afford
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Make a list of your income, outgoings and savings – work out what you could afford to spend on your mortgage each month.
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Allow around £1,000 a year to spare for any emergency repairs that you may be responsible for.
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Consider renting out a room in your new home – the additional income could help you afford somewhere bigger.
Finding a mortgage
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Use a mortgage calculator to work out what you could afford to buy with the deposit you have and the repayments you can make.
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Check you can afford the repayments, even if interest rates increase by 3-5% and protect against redundancy.
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Secure a mortgage agreement in principle before you start house-hunting. You can get mortgage quotes online from moveme.com
