FIRST TIME BUYER'S
First Time Buyer’s Mortgages
If you’re a first-time buyer wondering what you need to buy a house or flat, you’ve come to the right place. Here we will solve all your queries related to “How much deposit do you need to buy a house”, “Budget for the other costs of buying a home”, “Making sure you can afford your monthly repayments” and Finding a mortgage!
So, Let’s get started:
How much deposit do you need to buy a house?
Before you go and look to finalise the property you must have a deposit with you.
It is advised to generally save 5% to 20% of the cost of the home you would like.
Here I will make you understand with an example, If you are looking to buy a home costing £150,000, you’ll need to save at least £7,500 (5%).
If you save more than 5% you will surely get access to a wider range of cheaper mortgages available on the market.
Budget for the other costs of buying a home
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:
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).
If you buy a property on or before 31 March 2020, you will pay no Stamp Duty on properties costing up to £500,000.
Make sure you can afford your monthly repayments
As a first-time home buyer, The most important thing to decide is whether you will be really able to afford this step or not.
It’s wise to put together a budget before you start looking for a property.
There are now strict checks when you apply for a mortgage.
Finding a mortgage
There are many different mortgage deals to pick from, so choosing the right one for you can be tricky. So to not get tricked you can take help of us, We are always here to help you in any situations, Contact us today firstname.lastname@example.org or schedule a call through “contact us page”
Get latest Mortage News & Updates