Buying a house is never easy, especially if you’re a first-time buyer. There is a lot to consider and factor in when buying your first home, from surveying and conveyancing fees, to ensuring you read the small print.
Compare My Move (https://www.comparemymove.com/conveyancing) have put together these 5 top tips to help with buying your first home, including the government schemes available to first-time buyers and how to start saving for your deposit.
1.Start Saving Early
The hardest part of buying a house will be saving up enough money for your deposit. You will need to put down a deposit of between 5% and 20%. The more deposit you can get together, the better mortgage deals you’ll receive.
You’ll need to work out how much you can save each month and set up the money to come out of your account automatically into a savings account. Work out on average how much you’ll need and how long it will take to save, and set a budget.
- Look at Schemes
There are a variety of government schemes aimed at first-time buyers to help them with their deposit. Schemes such as Help to Buy: ISA and Help to Buy: Equity Loan both help the buyer to gather enough money for a deposit.
With Help to Buy: ISA, the government will top up your savings by a maximum of £3,000 once you’ve saved £12,000. Help to Buy: Equity Loan allows you to only save for a 5% deposit whilst the government help with the rest. It’s important to note the deadline for the Help to Buy Scheme is November 2019.
- Read the Small Print
When it comes to conveyancing and surveying services, it’s important to always get an upfront quote with a breakdown of the costs involved. By doing this, you won't be met with a nasty bill at the end of the process with extra costs that you didn't budget for.
By reading the fine print, you could save a lot of stress by knowing what you’re going to be paying for instead of a surprise bill at the end.
- Factor in Additional Costs
Buying a house unfortunately comes with many costs, a lot of these we forget to factor in at the beginning of the process. Remember to think of all costs involved and work out a budget to cover all the fees.
You will need to factor in your deposit, estate agent fees, surveying fees, conveyancing fees, removal fees and stamp duty.
- Get a Mortgage in Principle
You should apply for a mortgage early as it can take up to 40 days to be accepted. It’s important to get a mortgage in principle as sellers and estate agents will take you more seriously as a potential buyer than if you didn't have a mortgage in place.
You can get a mortgage from building societies or banks such as Barclays, HSBC and Halifax or a mortgage broker.
Follow these 5 top tips to help the process of buying your first home.
As always, if we can help in any way do let us know, we offer free, honest advice with no obligation.