First Time Buyer
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First Time Buyer
Providing individual mortgage advice; unique to you
- 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 be.
- 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.
- Household Budgets 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 repairs.
- 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.
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Protecting your family is one of the most important things you can do. It is for this very reason that impartial advice is critical from qualified advisers…