All about: First time home buying

Buying a home for the first time can seem like a daunting challenge. You need to get a mortgage, arrange house viewings and decide how to make an offer. First time home buyers can really struggle to understand it all. This article tries to tell you briefly all about first time home buying.

Getting a mortgage

Unless you are lucky enough to have a lot of money, a mortgage is essential for a first time home purchase. The first place to go for mortgage advice is your own bank. Find out how much they are prepared to lend you. You will usually need to have a certain amount as a deposit, so hopefully you have already been saving up for that. The bank will then want to know how much you earn and some other details, and with that information they will decide how much they are willing to lend you. You will then be in a position to look for a house which you can afford.

Looking for a home

Virtually, all house buyers go to an estate agent and let them know what they want. It is worth doing this, as estate agents can be quite useful, particularly when you are buying for the first time. However, it is also a good idea to register on Rightmove.co.uk. Here, you will find properties from all the estate agents and you can save your own short list of houses in which you are interested.

Making an offer

You now need to arrange house viewings. Take your time and be systematic, taking notes and photos of any house in which you are interested. Try to find out about the area if you are moving somewhere new. When you are ready to make an offer, remember that you don't need to pay the asking price. Make an offer a little below the asking price; you can always offer more at a later date, so long as it is within your budget.

Other points

You will need a solicitor, who will arrange the actualy legal process, and also check that all is in order. Later on, when you have actually bought the house, you will need to arrange for a removal firm, or a 'man and van' if you don't have that many possessions. But don't worry; you will have plenty of time. Moving house is a slow process, and is likely to take a couple of months at least.