Before starting your search for a new home, speak to your bank or a mortgage broker to work out how much you can afford. It sounds simple but too many people start searching for a home in the price bracket they think they can afford, without finding out first if this is realistic. Today’s first time buyers are likely to need a minimum of a 10% deposit on top of additional funds (typically between £2,000 - £5,000) to cover expenses from legal fees to stamp duty and survey costs.
With the banks maintaining a very cautious approach to lending, ensuing that you have a good credit rating is vital when looking to secure a mortgage. Checking your credit rating is really simple. Click here for your FREE credit rating. This service not only provides you with your credit score, but it also offers advice on how to improve it – from making sure all credit card payments are made on time to ensuring you’re on the electoral roll.
As a first-time buyer you will find a range of packages and services that are available to you exclusively, via the new homes market. A range of Government-led shared equity initiatives allow first-time buyers to front just a percentage of the full purchase price (as low as 25%) and gradually increase their share over time. This significantly reduces the size of mortgage required, and therefore the finance needed to make a purchase.
Developers also continue to offer their own range of deals to help first-time buyers onto the ladder. Whether it is financial assistance with stamp duty, legal fees etc paid, attractive shared equity deals, or help securing the best mortgage, developers have the finance and expertise to guide them through their first purchase. Click here for the latest deals or sign up for FREE smart offers alerts by texting the word ALERTS to 60050.
Contributed by Helen Adams, Managing Director of www.FirstRungNow.com
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