Buying my first flat

neilsinc

Hi

I'm thinking of buying my first flat and was just wondering what steps I should go through from the very beginning to moving in.

Obviously my first step would be to speak to a mortgage advisor with regards to finding out how much i can borrow. Should i do this with my current bank or someone else?

I also live in Scotland so I don't know if the whole process is different up here to anywhere else

Thanks for any advice

~Beanie~

Your first step is to save up a deposit. You can get a rough idea of how much you will be allowed to borrow by using one of the many mortgage calculators available online. I would check this first to make sure you are likely to get a large enough mortgage to buy a flat in your chosen area.

drrobert

I agree with the above.

If you haven't done so already, you need to save up a large deposit (20% or more) because:

a) it will help cushion you against negative equity (flat prices will fall over the next few years)
b) it will help you get the best mortgage deals
c) it will get you into the habit of saving