It is difficult to get a foot on the housing ladder, it always has been and probably always will be, but the rewards are generally well worth making the financial sacrifices that will be required to save up for the deposit.
Most first time buyers need a deposit of between 10% and 20% of the purchase price and according to the Nat West it takes the average first time buyer over five years to get the cash they need. Not a cheery thought especially when house prices are rising.
The first thing to do therefore is to find out how much deposit you need the costs associated with purchasing a home and the amount of mortgage you can borrow based on your earnings.
Contact us on our mortgage hotline: firstname.lastname@example.org
Once you know how much you can afford you will then need to register with estate agents in the areas of your choice. To register with us simply complete the contact form. (See below)
Hopefully you will now commence viewing a range of properties which will give you a good feel on the ones that offer the best value for your money. Don’t be afraid to ask essential questions … we have helped hundreds of first time buyers and we will do all we possibly can to assist you.
When you have found a suitable property you wish to buy you need to make an offer, how much you offer is up to you and may depend on the state of the market. As a first time buyer you generally have a strong negotiating position.
Do remember that even if your offer is accepted things can still go wrong and the house is not yours until you exchange contracts.
When you buy a house there are certain legal processes that need to be carried out and you need to appoint a solicitor or a licenced conveyancer to do this on your behalf.
Legal work is called conveyancing and will include
- Checking the Title Deeds of the Property and other legal documents
- Conducting search enquiries, such as ensuring the seller actually owns the property and there are no plans to build roads etc that could affect you home
- Establish what your property’s boundaries are
- Checking Local Authority plans