Struggling to buy a house? Take a look at these tips…
Getting on the housing ladder can be difficult so here are some tips on how to get started:
1. Save up for a deposit! A lot of mortgage lenders require you save at least 10 per cent. The bigger the deposit, the cheaper the mortgage deal.
2. Find out how much you can borrow, mortgage calculators are a great way of doing this.
3. Keep an eye out on the latest government schemes, the Help to buy scheme only requires you to have a deposit of five percent, the government will take care of the remaining 20 per cent. There are no interest rates on the governments loan for the first five years.
4. Make sure you shop around to find the best mortgage for you.
5. Don’t forget about the extra fees, some arrangements costs can be as high as £2,500.
6. Research the market in great detail, you may have to look into many different places before you find the right home for you.
7. Make an offer on a property!
8. Make sure you hire a lawyer once you’re have made that offer as an official will need to attend to the legal aspects of the purchase. This usually costs between £500 and £750.
9. Get a surveyor in to value the property.
10. Make sure you buy insurance for the property, to protect your investment into your new purchase and for your mortgage lender. Oh and don’t forget to move in!