Why am I buying and not renting

Buying a property is not for everyone this could be because of money difficulties or the connivance of renting.  Although it is worth taking in to mind that some rented house and flat can be as much as £900 per month. Depending on location, mortgage and interest rates, this could be as much a monthly mortgage repayment.

So what do I do first ?

As first time buyers the first item to check off your to-do list is your deposit, this can be the hardest step, getting the right amount under your belt to get your foot in the door.  Most mortgage lenders will ask for 10% of the value of the property however some lenders are only asking for 5%. Don’t be tempted to go for the lower option as this may affect you later on.

Remember: The more you put down now, the less you have to pay off later.

When saving for a property you need to store your money and earn lots of interest. The best place for this is an ISA (individual savings account) here you can save up to £3,600 tax-free each finacial year (1st April to 31st March). If you are saving as a couple you can save up to £7,200 between you both.

OK lets buy a house

So you’ve got your deposit, now you need the rest, this is where mortgage lenders come in.  Mortgage lenders will loan you the rest of the money to the property.

Property Value: £180,000
Deposit: 10% = £18,000
Mortgage required:  90% = £162,000

However mortgage lenders aren’t going to do this for free they will charge interest (This why you should make your mortgage percentage required as small as possible).

Mortgage types

There are the two main mortgages. These are called repayment or interest only.

Repayment mortgage
With a repayment mortgage you make monthly repayments for an agreed period (the term) until you've paid back the loan and the interest.

Interest only mortgage
With an interest only mortgage you make monthly repayments for an agreed period but this will only cover the interest on your loan. You'll normally also have to pay into another savings or investment plan that'll hopefully pay off the loan at the end of the term.

Read more on interest rate deals

Things to think about

• stamp duty
• legal and removal costs
• survey and mortgage arrangement fees
• buildings insurance
  

The Loaction of Property

• Is it near shops or a town
• Is it convenient for getting to and from work?
• Is there public transport nearby
• Local GP/ Hospital and dentist
• Is your property on a road which may cause noise?
• Are you close enough to get to your family /friends /nursery/ Schools/Colleges

The Costs When Buying The Property

• Estate Agents
• Soliciters
• Home Insurance
• Getting A Mortgage
  

The Cost of Property Itself Once You've Moved In

• Interior
• Walls
• Roof
• Gutters and Drains
  
• Shed and Storage
  
• The Conditions of the windows
  
• Paintwork
  
• Gardens front and back

The Location of Property

• Is it near shops or a town
  
• Is it convienient for getting to and from work?
  
• Is there public transport nearby
  
• Local GP/ Hospital and dentist
  
• Is your property on a road which may cause noise?
  
• Are you close enough to get to your family /friends
  
• /nursery/ Schools/College

Property Search

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No Bedrooms:	1 2 3 4 5 6 7+
Purchase Type :	To Buy To Rent
Building Type	Office Space Warewhouse Light Industrial Unit Commercial Unit
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Maximum:	£10,000 £100,000 £150,000 £250,000 £300,000 £350,000 £400,000 £450,000 £500,000 £550,000 £600,000 £650,000 £700,000 £750,000 £800,000 £850,000 £900,000 £950,000 £1,000,000

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