First-time buyer? Our conveyancing team has some great tips to share with you to help make the buying process a bit easier. Buying a home is super exciting but can also be confusing if you are not appropriately prepared.
Organisation and knowledge are your best friends when buying a house and the earliest you can start preparing the better.
Read our below points about what you should know before buying a home:
Saving money
Saving money for buying your first home is our first bit of advice. Although not necessary, having a good amount of savings can be a massive help for the up-and-coming costs. Having plenty of money saved can help with your deposit (you need to try to save at least 5%), with your mortgage payments and all the other costs involved.
What other costs, do you ask? Well, apart from your monthly mortgage payments you will also have to keep in mind these costs:
- Moving out and moving in costs
- Mortgage arrangements and valuation fees
- Survey costs
- Buildings insurance
- Conveyancing fees
- Stamp Duty fees
- Initial decorating costs
Borrowing money
Applying for a mortgage occurs before the buying process has started, so researching the best deal for you and keeping up to date with rates can be very beneficial as the application can be time-consuming.
Make sure you have all the evidence that you need to supply ready and don’t forget to budget for your monthly repayments. Discuss the calculation of your mortgage payments with a mortgage broker to ensure you can afford repayments.
When applying for a mortgage, banks will take into account your credit score and salary, which will also affect how much you can borrow.
Housing schemes for first-time buyers
If you are buying your first and only residence and have never owned a freehold or have a leasehold interest in a residential property in the UK or abroad, then you are considered a first-time buyer and you have a number of schemes available to help you buy your first home. These schemes include the Lifetime ISA, Help to Buy, Right to Buy and Shared Ownership.
Get in touch with our conveyancing team and we can discuss all these schemes in more detail.
Get professional advice
There are many factors to keep in mind when buying a property for the first time, so it’s very important to work with a solicitor’s firm that is knowledgeable and supportive. Scott Rees & Co has extensive experience in offering professional conveyancing services for first-time buyers and would love to help you secure you first home.
Our team has years of experience helping first time buyers buy their dream homes – we can help you prepare, work out the costs and handle all the legal work on your behalf.
Start your conveyancing enquiry here.