Simple steps to follow when buying your first home

Buying a house in the UK can be a daunting process, especially if you are a First Time Buyer with no experience in this sector.

The first thing you should do is save money for the Deposit. This is a crucial step and a savings account like Help to Buy ISA and Lifetime ISA could be a big help here.

The minimum you put upfront is 5%. A good thing to remember here is the larger the deposit, the lower the interest will be. The banks usually work with a 5% threshold here (5%, 10% 15%…).

After you have the deposit it’s time to decide whether you want to instruct a Mortgage Advisor, or you want to do the research yourself.

With comparison websites it’s relatively easy now to do your own research. You can check on:

If you’re not comfortable with doing the research yourself and believe you need extra help you can instruct a Mortgage Advisor.

  • Advantage: they may have access to other offers you can’t find online and they also have experience and know the market, which can make a difference while negotiating the house price.
  • Disadvantage: they may charge you a fee. Some of them don’t as they also get paid by the lender, however most of them can charge something between £300 and £600.

Please see below the steps you will have to go through after you find the home you wish to buy:

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An easy way to keep track of your Monthly Bills & Financial Statement

I was never a wealthy person so I had to learn to manage my money well in order to be able to achieve my goals and provide for my family.

It’s in my nature to be a very organised person with a constant focus on handling responsibilities, at home and at work.

I’m glad to be able to share this Excel Spreadsheet that I use in order to keep track of my finances. You will find that it is comprised of two sheets:

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Why Man With A Plan?

Since I was little I remember myself as being a very organised person with a nice and tidy car garage under the wardrobe in my bedroom. I used to park all my toy cars in such a way that I always knew if my mom or my sister messed with them, which they often did while cleaning.

I was also fortunate enough to have a responsible father who showed me from a young age how he kept his personal documents safe in a box at home  and organised in such a way that he was always able to find what he was looking for. I also found it was very useful to be involved in the open family discussions we had when planning future house remodeling, large purchases or vacation planning. 

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