uying a house is probably much you can borrow. Lenders
the biggest purchase anyone usually agree to three times the
makes. Although high house first income or if you are buying
prices may initially discourage as part of a couple, three times
the first time buyer first time the first income plus the second
buyers will always be a favoured income, or two and half times the
client for the mortgage lenders joint income. However it is
and estate agents. sometimes possible to borrow four
or five times your salary. You
The interest rates are at their can approach lenders yourself or
lowest for more than 30 years. you can enlist help from a
Lenders who want to secure your financial adviser. This is
mortgage over a long term are usually a free service to you and
keen to win your custom and offer by using someone who is
particularly good deals for first experienced you may find the
time buyers. Sellers too are process less stressful.
always keen to secure a deal with
a first time buyer because your When you know how much you can
purchase does not depend on borrow be sure you can afford the
anyone else and therefore the mortgage repayments, the costs
likelihood of the sale going involved in buying a property and
through is very high. If you set the costs of running a property.
up an agreement in principle With
a mortgage lender before you Costs you will need to budget for
start viewing properties you are when buying your first property
in effect a cash buyer and are in include a deposit (normally 10%
an excellent bargaining position. payable when the contracts are
exchanged), stamp duty (1% if the
The first step to buying your property is between
first property is to know how £125,001-£250,000; below this
figure there is no stamp duty), a area. Common bills are council
valuation fee to your lender tax, maintenance, buildings and
(variable depending on what type contents insurance, amenities (to
of valuation you choose), your include electric, gas, water and
legal fees including local telephone). If the property is a
searches and disbursements flat or apartment then there may
(around £500) and moving costs be service charges. Also
(variable depending on whether insurances such as accident,
you use a removal company or are sickness, life are available
able to move yourself). Once you though not obligatory.
are in your new home you are
likely to need some funds for Buying your first home is
furnishings and decoration. exciting as well as a big
responsibility. If you are ready
You will also need to consider to make the big step, then good
the costs of owning a home. These luck!
vary according to your home and
About the Author:
Susy Copus is a property commentator writing about all aspects of home moving, properties for sale, estate agent directories and house prices for the UK Property Search Engine, http://www.WheresMyProperty.com. Susy also writes for http://www.RenovateAlerts.com who specialise in finding property to renovate and http://www.PropertyMoneyMaker.co.uk.
Read more articles by:
Susy Copus
Article Source: www.iSnare.com 
