First Time Buyers
First time buyer
Providing individual mortgage advice; unique to you
Buying your first home can be a very exciting albeit daunting experience which is why it is
important to get the right advice at the very start. There are many different mortgage products to choose from, so it is important to get the solution that meets your needs.
To help you to make the right decision we have put together our Top Tips for first time buyers:
How much can I borrow?
It is important to be realistic when working out how much you can spend on your
new home. A budget planner will help to ensure your mortgage is affordable.
How much deposit will I need to put down?
When choosing a mortgage, you can see which deals you might qualify for based on
the size of the deposit you have by looking at what is known as the mortgage ‘loan
to value’ (LTV). For example if you are looking to buy a property valued at £100,000
and have a £5,000 deposit you will be looking to borrow 95% of the property value.
Typically the more deposit you have to put down the better the mortgage rates will
Have you considered any extra costs?
Even a newly built house will require some sort of furnishings, whereas older
properties may require extensive work, such as re-flooring, tiling or renewing the
wiring. These should be considered alongside the purchase price, and fees such as
conveyancing and stamp duty.
Know what to look for when viewing properties
Always take an experienced home buyer with you when viewing properties as there
may be important details you could be missing out on.
If you have been used to living at home with your parents, remember to budget for
expenses such as council tax, gas and electricity bills, boiler servicing, and other
Council Tax Charges
Make sure you know what the likely council tax charge will be in your new property.
The selling agent should be able to tell you what tax band the house you are
interested in buying is in, and how the charges are levied by your local authority.
Remember a mortgage is a long term commitment and there are lots of different products
available, so it is important you get the right solution for you.
Call our experts today for more information