Thinking of buying your first house?

our online Mortgage Guide - Page 3 of 14:

Are you thinking of buying your first house? If so, there are some factors and considerations you probably need to be aware of before proceeding!

Cards on the table! Buying your first house can be very daunting and very trepidous, it can also be very expensive, and a bit of a shock to the system if you've no previous experience of buying a house.

On the other hand it can also be tremendously exciting and indeed a great deal of fun too! You'll undoubtedly go through the entire gamut of human emotions through the process of buying your first house: fun, laughter, tears, excitement, drudgery, impatience, frustration, trepidation, and on a brighter note, a great sense of achievement!

Despite all the troublesome aspects of buying your first house, it's usually all worthwhile to have a place you can call your own, and at last be on the all hallowed property ladder!

If you are thinking of buying your first house there are a few things that you ought to know before setting out on this potentially trepidous yet ultimately rewarding journey.

One of the main problems these days is actually getting on to the property ladder.

A housing boom has been raging in most parts of the UK since the millennium, and more and more people who are seeking to buy their first house are finding it increasingly difficult to be in a position to find an affordable solution.

So, here's Lesson Number 1: Your mortgage must be affordable! It's all too easy to get carried away in the euphoria of buying your first house - but not at any price! We recommend you read our Glossary page on Mortgage Affordability and the importance of ensuring your mortgage repayments are affordable.

If at all possible, it's best to try and get some savings together. Most mortgage lenders will require a 5% deposit, and you'll also need to cover the attendant costs of purchase, such as Stamp Duty, valuation fees, solicitor's fees and other costs.

If you have not been able to save, don't worry too much, because there are lenders that are prepared to lend 100% of the purchase price, and indeed, some schemes that have the ability to advance not only the full purchase price, but also up to £30,000 beyond! (Check out our 125% Mortgage Schemes page). You'll see how these no deposit schemes work by checking out the following pages:

Further resources for those thinking of buying their first house...

You may like to know that we have produced an in-depth First Time Home Buying Guide with much more detailed information and help regarding the first time house buying process. We also have a rather useful glossary page for First Time Home Buyers.

Moving on then, our next page will look at the things you'll need to consider when finding your new home...

NEXT: Finding your new home ›

Enquire Online now, or call us today 08000 282 281 - our freephone lines are open 8am-10pm everyday! We'd love to hear from you!

The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.

There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.

THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

Adding existing debt to your mortgage will increase the repayment term and overall cost.

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