Buying your first home is an exciting prospect and probably one of the biggest decisions you will ever make – certainly the most money you will have spent! With years of experience helping buyers just like you begin the process, we’re here to help you make those first steps on the property ladder as hassle-free as possible.
Many first time buyers find it difficult making the definitive decision to get started on the property search. It can be tough assessing whether you’re ready to buy your first home, from considering whether you have enough for a deposit to working out if you can keep up with your mortgage repayments in the future.
To help you get started, we have put together our guide to some common questions that first time buyers face right at the beginning of the process.
Am I ready to be a first time buyer?
It’s a big decision, with lots to consider. But, crucially, can you afford to buy?
Unless you have cash you will need to arrange a mortgage. Get advice, speak to family and friends who have bought a home, go and see your bank or building society for rates and deals. Don’t forget to speak to a broker, to find out about deals not offered by the bank.
What deposit do I need?
The type of mortgage available to you will depend on the deposit you have. The larger the deposit the better rate and deal you will be able to get. Most lenders will need at least 10% but other mortgages are available. For example, if you are looking to buy at £150,000 with a deposit of 10% you will need £15,000.
How can I save for a deposit?
Look at your income and outgoings, then see how much you are able to save per month after all your expenses. Only you know what you can realistically save. This is the best way to see if you can afford to buy.
More help for first time buyers
For more tips on how to buy your first home, make sure you download our FREE first time buyers guide, which we’ve designed to support you throughout the process – from the initial property searches to completion. It also includes a handy checklist that you can print and refer to throughout!
Be sure to check out our latest properties for sale too – we might just have the perfect home for you!