Check list for first time buyer 2020

DietIrnBru

Hi folks,


I'm looking to put down roots and buy a house in 2020, probably in the Newcastle area, where I am due to take up a nursing post in September (this year).



Financially I am saving up for my deposit through vehicles like the Help to Buy ISA and existing regular savings accounts with Nationwide and Principality Building Society. Ideal world - I will have a deposit of £30000.



Drawing on your collective wisdom, I've a few questions in my head I am hoping you can address.



1. How much extra, on top of the deposit, should I have in place to cover fees, lawyers etc.



2. Is there a dummies guide out there for finding mortgage brokers etc (quite a few colleagues I have commented on mixed experiences in finding a good one)


3. On average how much have you spent on a furnituring a two bed room house? I'm pretty minimalist.



4. Is there a checklist anywhere on the site I can refer to, want to make sure I've a water tight situation to keep the unknowns to a minimum.



Thanks in advance, if there is other questions you think I should be asking myself, I'm open minded.



Thanks.

steampowered

1. I'd budget £2,000 to cover conveyancing costs and incidental costs. Plus any stamp duty.

2. I found London & Country a helpful broker. But to be honest, now that you can just do a search online through MSE and see the best rates offered by each lender for your circumstances, you don't need a broker, unless you have slightly unusual circumstances.

The key thing is to do that comparison at the time. DON'T just go to your bank as they are unlikely to be offering the best rate.

3. The cost of furnishing depends on what you buy. If you buy expensive stuff, it can cost several grand. If you just stick to the basics and get them from somewhere like Ikea or Tesco, it could be done for a couple hundred quid.

At the start you only need basics like a bed, desk, sofa and kitchen basics. You can add more stuff over time.

4. There is a good checklist at https://www.moneysavingexpert.com/mortgages/house-buying-guide

D_M_E

For furniture, once you have moved in try places like Freecycle and a local auction house - you can pick up good serviceable items for very little.

Would not buy mattresses from auction though unless they were brand new and still wrapped up in manufacturer's covering.