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Advice for first time buyers

Buying a home for the first time can be luxurious. Make sure you have an idea of the different expenses and find out ways you could make buying a home possible and less scary.

Buying a home with others

You may need to think about buying a home with other family members, friends or a partner. Buying with others can be clarification to coming up with the deposit and sharing costs. It's important to watchfully think about what might happen if circumstances change and one of you wants to sell home fast. You get legal advice and draw up an agreement as to how property will be separated in case of death, or if one of you decides to give up their share in the property.

Finding right mortgage

Most mortgage lenders need a deposit of at least 5% to 10% of the value of the property you wish to buy. As the cost of property increases, the deposit can become classy. You may need to consider asking family or friends for financial help. There are many types of mortgages available and some are objected specifically at first time buyers. Read the guide to mortgages from the link below to find out how the mortgage system works and where to get financial advice on mortgages.

Buying a home for the first time

High property values have made it difficult for many people to afford to buy a home. This may be a meticulous challenge for you if you are a first time buyer, as you will have many one-off initial costs including

• a deposit
• Land Registry fees
• lenders fees and charges
• removals/or moving in charges
• Stamp Duty Land Tax
• surveyors' fees

If you are thinking of buying a house for the first time, make sure that you have plan for all the costs that you will face. 'Planning on buying a home' will explain the main costs that you are likely to have to pay.