If you’re thinking of taking your first steps on to the property ladder, here are some expert tips that might help ensure you get off to the dream start. From finding and financing a property, to making that all-important offer.
1. Get your finances fixed as early as possible. Get organised.
2. Watch your spending! Financial regualtions have tightened so mortgage providers will be looking not only at how much you earn but how you spend too.
3. A bigger deposit means a better deal. If it's possible, try to save at least a 25% deposit.
1. Mortgage fees - Your lender will probably want an up front fee of at least £2,500 to lend you the money.
2. Valuation survey - You'll probably have to pay for a survey when the bank comes to look at the property. That can cost around £1000.
3. Legal fees - You'll have to pay for conveyancing or a solicitor. That can be from £500 - £1,500.
4. Stamp duty - This is the biggest hitter, you have to make sure you have to make sure you have enough money saved to cover it. It applies to property prices over £125,000 and it can be as much as 12%. Find out more here.