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 best meets your needs.
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. 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.Get In Touch
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 be.Get In Touch
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.Get In Touch
Always take an experienced home buyer with you when viewing properties as there may be important details you could be missing out on.Get In Touch
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 home repairsGet In Touch
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.Get In Touch
There are three main types of survey. A basic valuation, a Homebuyers report and a Full structural. A basic valuation will be commissioned by the mortgage provider and is for their benefit. They will be looking at whether the property is of adequate security to lend against. The report is basic and lenders will disclaim any responsibility for the condition of the property. A HomeBuyers Report will be carried out by a RICS Surveyor and look to document any problems in a property that could cause damage and need future repairs. A HomeBuyers report only checks for easily visible problems and is carried out for your benefit not the mortgage lenders A full structural is the most detailed and most expensive report and is usually done on properties where a full assessment is needed i.e. properties that are over 100 years old, unusual buildings and/or properties known to have structural issues.
When buying a house there are other costs and fees to be aware of. Typically, the following may apply: