Are you buying a home for the first time and need help? You need not panic. Home buying for the first time can be a stressful experience. This article will provide some tips and advice to get you on your way to your dream home.
House buying guide
What you need to know
Get help through home ownership schemes
There are a number of schemes aimed at helping first time buyers. ‘Low-cost home ownership schemes - a guide’ outlines the schemes that are currently available and many more. First home mortgage
Most mortgage lenders require a deposit of at least five to ten percent of the value of the property that you wish to buy, and this will vary. As the price of property increases, the deposit can become expensive. When property prices are at a low level, then it is the right time for you to buy. You may want to consider asking family or friends for financial help. There are many types of mortgages available, and some are targeted specifically at first time buyers.
First time buy
Facts and fees
High property prices have made it difficult for many people to afford to buy a home. This may be a particular challenge for you if you are a first time buyer, as you will have many one-off initial costs including: - A deposit - Stamp Duty Land Tax - Surveyors’ fees - Lenders' fees and charges - Land Registry fees - Removals/or moving in charges If you are thinking of buying a house for the first time, make sure that you have planned for all the costs that you will face. 'Planning on buying a home' will explain the main costs that you are likely to pay. Cheap mortgages
The best way to find your cheap mortgages and re-mortgages is through the Internet and price comparison websites. They will be the biggest financial loan of your life. Therefore, it is important that you go about it in the right manner. To find the lowest mortgages and mortgage information, always shop around your local banks and building societies as well as on the Internet. The lower the APR (Annual Percentage Rate), the lower the interest that you need to pay on your repayments and the more money you save. The higher the rate of APR, the higher the rate of interest that you need to repay. Conclusion
If you are a first time buyer, always seek for professional advice from a realtor or an estate agency.