For many first-time buyers, the idea of getting a home is both exciting and daunting, but it doesn’t need to be.
As long as you have a clear process and know what you need to do at what point, people like our expert advisers will take care of the rest for you.
Start with your deposit
It may take the longest out of all the stages but it’s also the most important. Being able to put a sizeable deposit down means that you will be able to have access to better mortgage deals and interest rates.
Remember the costs
It’s important that you remember you need to meet the additional costs of buying a home, especially if it’s worth more than £300,000 as you’ll need to pay Stamp Duty. Other costs include arrangement fees, legal fees and property fees.
Think about how you want to save
Whilst saving accounts in bank and building societies offer greater security, they only pay low rates of interest. Schemes like the Help to Buy ISA will enable to you to save with help from the government. You can find out more about that, here.
Consider different schemes available
The shared ownership scheme is a cross between buying and renting that allows you to purchase a percentage of a property and then rent the part that you don’t own at a discounted rate.
The Help to Buy scheme, on the other hand, is a government scheme that will see them lend you up to 20% of the property value, leaving you to pay the minimum of 5%.
This means that you will have a combined total of 25% of the property value for a deposit, giving you access to the best tranche of interest rates.
If you’re considering buying your first home but don’t know where to start, contact one of our expert advisers and they will talk you through your next steps.