THINKING OF BUYING YOUR FIRST HOME?

There are so many questions to ask when buying your first home. How much deposit do I need? Can I afford the payments? Let’s look at some of the most common questions.

How much deposit do I need to buy a house or flat? The general rule is at least 5% to 20% of the cost of the home you would like. A deposit of more than 5% will give you access to a wider range of cheaper mortgages.

What other costs are associated with buying a home? Apart from monthly mortgage payments and stamp duty, be sure to factor in the survey, solicitor, removal, insurance, furnishings and decorating, and mortgage arrangement and valuation fees.

Can I afford monthly repayments? It’s best to draw up a family budget before you even start looking. Remember that lenders will perform strict tests to assure you can afford the mortgage, even if interest rates rise or your circumstances change.

Am I eligible for a home buyer scheme? The government offers affordable housing, Help to Buy and shared ownership schemes to give a helping hand, but you will still need to prove you can pay off the mortgage.

How do I find a mortgage? It’s important to do your homework so you understand the different types of products available. Speaking to a mortgage broker or your bank can be helpful, so you know which mortgage would be the best for your situation.

If you are feeling a bit overwhelmed with the thought of buying your first home, our friendly team at West Property can talk through all your options. Why not give our friendly sales team a call on 01631 569 466 TODAY.