FIRST TIME BUYER'S

First Time Buyer’s Mortgages

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You've come to the right place if you're a first-time buyer and are unsure about the requirements to purchase a home or apartment. Here, we'll address all of your questions about "Finding a mortgage," "How much deposit do you need to buy a house," "Budget for the other costs of buying a house," and "Making sure you can afford your monthly repayments.

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So, Let’s get started:

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How much deposit do you need to buy a house?

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A deposit must be in your possession before you proceed to look for the property's finalization. Generally speaking, you should save between 5% and 20% of the price of the house you want. I'll use an example to help you comprehend this. You will need to save at least £7,500 (5%), if you want to purchase a house for £150,000. You will undoubtedly have access to a greater selection of less expensive mortgages on the market if you save more than 5% of your income. Set aside money for the additional expenses associated with purchasing a property.

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A mortgage is a big part of monthly payments but when you are buying a property there are other costs too, We have listed them below,

 

Please have a look:

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• Survey costs

• Solicitor’s fee

• Removal costs

• Buildings insurance

• Initial furnishing and decorating costs

• Mortgage arrangement and valuation fees; and

• Stamp Duty (Land and Buildings Transaction Tax in Scotland, or Land Transaction Tax in Wales).

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Stamp duty on properties up to £500,000 will not be charged, if you purchase them by March 31, 2020, or before. Verify that you can afford the monthly payments. The most crucial decision to make as a first-time home buyer is whether you can actually afford to take this step.

 

Making a budget before you begin your property search is a good idea. Applying for a mortgage now entails stringent examinations. obtaining a mortgage Selecting the best mortgage offer for you can be challenging because there are numerous options available. Thus, you can seek our assistance to avoid being duped.

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we are available to assist you in any circumstance. Reach out to us today ricky@1cms.co.uk or schedule a call through “contact us page.”