Thinking of buying in 2018?

If you are thinking that 2018 is the year you wish to purchase a property (especially first-time buyers who can still take advantage of the opportunity of the change of stamp duty for property under £500,000, read more here), there are a number of points that you should consider:

• How much deposit do I need to buy a house? Before looking at properties, you need to save for a deposit. Generally, you need to have a deposit of at least 5% to put down, government schemes such as Help to Buy have helped to increase the choice of mortgages.  Borrowers however, pay a premium. Deals become more competitive at 10% or 15% – the greater the amount of deposit you have, the better rates you can get.
• Look at your monthly repayments. When you are looking for a mortgage it is worth speaking to a few banks and building societies as well as mortgage brokers and independent financial advisers who should be FSA Registered. They will assess what level of monthly payments you can afford, after taking into account various personal and living expenses as well as your income. You may wish to check arrangement fees, valuation fees and legal fees.
• Other costs when buying include solicitors, surveys and removal costs (unless you have friends and family who can help move your worldly goods).
• Once you know how much you can afford, and the excitement of looking for your first home, get in contact with V&H Homes and we will look at finding your perfect property.