Whether you live at home with parents or renting, buying your first home is a huge leap. Making sure all your finances are in place is a critical stage to becoming a homeowner. Ensuring you have enough money saved up for the deposit and some fees is very important. Usually a deposit is from 5% to 20% of the property’s value. Saving more than 5% however will allow you to use wider range of lenders on the market.
The mortgage monthly payment is not the only thing you should consider as costs for your first home. You will have survey costs, solicitors fee, removal costs, building insurance. Stamp duty will not be charged for the property for the first £300,000 for properties valued up to £500,000.
As a first time buyer the most important thing to consider is if you can afford to make the leap. When using our mortgage broker service we can use an affordability calculator to see if this is the right choice for you. Lenders will check for your income and outcomes to see if you can afford to have a mortgage.
We have further information on first time buyers and other types of mortgages to help answer any questions you may have, you can read about these on our blog here.
Please do not hesitate to contact us for more advice on becoming a first time buyer.