Thinking of buying a House as a first time buyer

sockul88

Hi All,

Its my first time posting here, i'v been saving up for a deposit to buy a house but wanted to know how much deposit i need to buy a house and how much mortgage i can get.

Please can anyone give me some tips or help with my first purchase on a house.

Isla_2

You could try to find a financial adviser, the advice should be free and there should be someone in most estate agents (although they will try to flog loads of insurance to get their commission if you take them up). Alternatively get a quote for a mortgage online or in your bank, it all depends on your earnings although some take into account your outgoings and how much you can afford each month.

Squish_21

- Look on rightmove and see what the kinda place your after is going for in your chosen area.
-You will ideally be looking at having at least a 10% deposit.
-Try a mortgage calculator such as the one on Nationwide or Natwest to see what the max you can borrow is.
-Then work out all your how much you can afford to spend on a mortgage and bills each month.

sockul88

Thanks for the feedback, i will check these websites as the thought of me buying a house is soo danting and dont know where to start but thanks guys.....

Milliewilly

Makes sure you see a whole of market Independant financial advisor. They will not charge as they get a commission on the mortgage that you take out from the lender. They have to tell you what that commission is too.

Do not use an Estate Agent advisor - they are not independant or whole of market (even though they often say they are) and often charge a fee. You are also showing your financial cards on any property you may wish to purchase via them.

Do not go to a bank as they will only advise on their own products unless you have shopped round and decided thats the bank to go to.

Use moneysupermarket.com or other comparison sites to check the best mortgage offers - remember what seems a cheap % rate can be expensive if it has tie - ins and set up fees.

The best rates are for higher deposits - if you can get 20% there will be more mortgages available to you at a better rate.

Dont forget solicitors fees & stamp duty (if applicable) - you will need a few thousand £ on top of your deposit for moving costs and other expenses.