Buying a home

Before you buy

Before deciding to buy a property, you need to work out the amount you can afford to spend. If you require a mortgage you can get advice from a bank or building society on what you may be able to borrow and what your repayments will be. You should shop around and do your research as there are a variety of different mortgage products available.

Most mortgage lenders require buyers to be in secure employment and have a deposit, typically between 5 and 10 ten per cent of the purchase price. You should start saving for a deposit as early as possible if you wish to own your own home.

There may be other costs associated with buying a house such as surveys, solicitor’s fees and stamp duty, which is a tax payable on the purchase price of a house. Currently this applies to property over £125,000.

As well as the mortgage you should also check you can afford the other costs of owning a home including council tax, house insurance and utility bills.

When you are sure you are in a position to purchase a property you should start scanning the internet, local newspapers and register with estate agents.

You can usually call in to new developments to view show homes and discuss purchase options on site.