First Time Buyer

The First Time Buyer should: -

• Save as much as possible because although a deposit is favourable, you may well have stamp duty, survey and legal fees to pay. Not forgetting some furniture to move in with.

• Try and clear unsecured debts if possible.

• Complete our budget plan (be honest as it saves a lot of pain later) to work out how much you really can afford per month for mortgage repayments.

• Once you have an idea of the amount you can afford, calculate the monthly repayments for the properties you had been considering using our calculator.

• If these repayments seem high, then adjust the loan amount to see how much you should be borrowing.

• Remember, the percentage of the loan amount is the percentage of the lower of the value of the property or the purchase price. If you want to pay more than the value, you may have to find that money elsewhere.

• Don't worry if you don't get the first property, most First Time Buyers never do.

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