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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