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Buying when young


You may have just graduated, came out of college, been promoted or even have began to think about settling down, starting a family or moving in with a loved one. A top priority on many young peoples’ lists is buying their first home and getting onto the property ladder. Not only do you need to think about whether this is the right choice for you, you also need to think about things ranging from finances to locations.

Firstly, look at the pros and cons between buying and renting. Decide if buying a property really is for you. Here are some of the things you should consider:

So, if you are still considering buying your first home, then you really need to look into your financial situation. Use a mortgage affordability calculator. This will give you an estimate of how much you can borrow regarding your personal income and expenses, and it will give you a monthly mortgage payment idea. It will also supply you with an idea of how much of a deposit you will need. Generally, you will need to save between 5% to 20% of the total price of the property, depending on the mortgage lender. You can find mortgage calculators online and most banks feature one on their website.

There are also several government-backed schemes out there which can help you get on the property ladder. A few of them being:

Shared Ownership

You can get a shared ownership home through a housing association. Simply buy a share of the home, usually between 25% and 75%, and pay rent on the rest. You must have income of less than £80,000, outside of London, or £90,000, inside of London. Not only will this reduce the size of the mortgage but it will reduce the cost of the deposit you need. You will have the chance to buy a bigger share in the property at a later date.

Help to buy-new builds

Help to buy a new-build home typically requires a deposit of only 5%, with the government or developer lending you the rest, possibly up to a further 20%. The loan is free for the first five years. However, the repayments will begin from the 6th year onwards, so it would be best to plan out how you will afford the repayments later on.

Starter Home scheme

This scheme is a new government plan, where 200,000 new built homes are available to first-time buyers under 40 years old with at least 20% off the market price. The scheme hasn’t started yet but planning is well underway, so keep a look out for this.

Aside from the obvious financial benefits of buying a home, you also need to consider other points such as property type. You may need to think whether you are looking for a detached house, a flat or even a bungalow. Think about things like parking: will you need a garage or driveway? Decide whether you want a home that is ready to move into or if you want somewhere that needs some modernisation or maintenance work. Will this just be a first starter home or will it be a long term family home? Check the neighbourhood out too. Look into crime rates for the area, ensure you know every detail of the property as you don’t want any nasty surprises too late down the line.

Choosing the right estate agent is also important. We pride ourselves on successfully marketing and selling properties but we also deal with the paperwork and can liaise with your solicitor to negotiate. During the whole process, we’ll keep in touch – ensuring that we find the right property for you.

Fees you may encounter when buying your first home:

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