Providing individual mortgage advice; unique to you
Buying a house is one of the most important purchases you will make, and buying a home for the first time will be an even more daunting prospect. Add to this the vast array of mortgage products available from a wide range of sources and you could be left with a high-stress, confusing decision.
To help you with making the right decision we have put together 10 top tips for you.
- Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. You should ensure the intended mortgage is affordable.
- Don't forget stamp duty and legal fees. Stamp duty in England and wales is: Below £125,000 = 0%, £125,001-£250,000 = 2% and over £250,000 = 5%. Stamp duty in Scotland is: Below £145,000 = 0%, £145,001-£250,000 = 2% and over £250,000 = 5%
- When buying for the first time, there may be a number of details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a home-owning friend, when looking at property.
- If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.
- Even if you do not have children, remember that property in the catchment area of good local schools will always be much easier to sell on.
- Always consider how your transport arrangements will change in your new house. If you have a car, your insurance premium may increase dramatically if you move from a town with relatively low crime into a city centre with higher crime rates.
- Consider the availability of public transport services, making sure you find out local bus routes, the frequency of train services from your nearest station
- Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks, and cinemas.
- If you are a heavy internet user, check to see that broadband or other high speed internet is available in the street you are moving into. The selling agent should be able to tell you this.
- Try, where possible, to find somewhere to live that is close to your main place of work. Commuting can be one of the biggest household expenses, and as you are likely to be spending much more time on domestic chores and/or DIY, living somewhere which minimises your commuting distance will be very important.