Buying your first home is a long-term financial commitment, it is important to think about what you can and can't afford. You will need to consider your assets; the money going in and out of your accounts, as well as any savings you might have.
If you are a first time buyer and are struggling to purchase a home, why not consider the Council's Low Cost Home Ownership Scheme; Homestep?
When buying a home your mortgage will be your biggest ongoing cost. You can't sell the home without paying off the mortgage first and you must keep up with the repayments otherwise the lender can repossess the home.
When buying a home you will need to:
Step 1 - Call a mortgage broker to see how much you can borrow and to help find you the best deal available. For more information and help in getting the right mortgage for you, access a mortgage comparison site here.
Step 2 - Apply for a mortgage offer with a lender before you start your search. This way, when you find the right home, you are more likely to be successful.
Step 3 - When you've got your mortgage offer, you can start your search.
There are a number of different ways of searching for homes to buy:
What do you need to think about?
To view a property, it may be necessary to make an appointment with the seller's estate agent. Give them a call to book your slot.
It is important you get the right survey to help decide if the home you want to buy is right for you as you will have to pay for all of the repairs and maintenance it needs.
Valuation: The most basic type of survey and only gives a very brief description of the home. This normally costs around £200. Your mortgage lender will complete a valuation (you may have to pay a fee) to check that the home is worth the amount you are borrowing from them.
Home Buyers Report and Valuation: Normally costs around £475. It should pick up all major faults with the home, as well as things that are likely to need repairing in the near future.
Full Building Survey: Is a more detailed survey than the Home Buyers Report and should normally cost around £700. It is generally wise to have this type of report if the home you are thinking of buying is very old or potentially has structural defects.
If there are a lot of problems with the home and you are not happy to carry on with the purchase, let everyone know ASAP, as you may be responsible for additional costs. If a lot of work needs doing, and you are still interested, you may wish to to go back to the seller and offer a reduced price for the home.