What you need to know as a First Time Buyer

The time has finally come: you’ve found the areas you’re interested in, you’ve pinned your home décor boards on Pinterest and you’re ready to get cracking with the buying process. But where next? Our handy guide provides first time buyers with a step-by-step process.

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First, get your affairs in order. You may have been saving for a while, but most mortgage lenders recommend having a 10% deposit. As the average house price in London has reached £474,704, you may be looking at saving nearly £50,000.

Once you have your deposit sorted, you are also going to have to make provisions for general house buying expenses. As well as solicitor fees, you’ll need to pay survey and mortgage costs and Stamp Duty Land Tax.

While it is tempting to go with the less expensive option, it is well worth investing in a highly regarded solicitor, particularly one who has been personally recommended to you. A solicitor is an imperative component of your sale and it is vital to hire someone who will be moving the sale along, not holding it up

While a property survey may seem less important as it’s not mandatory, it is best not to skip it. It’s much cheaper to make a one off payment before you buy, than discovering that you’ve got to repair the roof, or deal with rising damp once you’ve moved in

Multiple mortgage lenders offer competitive market prices, but it is worth paying a mortgage broker to do the research for you. They’ll be able to guide you, help you with the paperwork and find the best rates available. Moreover, some brokers will let you incorporate their fees into your overall mortgage repayments, so you have one less upfront cost to consider.

Next, factor in your Stamp Duty fees. If you’re buying an average priced property in London, you’ll be looking at paying around £13,700 a month after you’ve completed on the property.

Finally, factor in building insurance and your removal fees. It’s also time to start thinking about investing in furniture and homeware for your new home. Then the fun really begins!

Check out our Infographic or print it out to use as a handy First Time Buyer checklist.

If you’re a first time buyer looking to get on the property ladder, our sales teams will be more than happy to help.