September 27, 2021 - 16:10 BST Rachel Avery Buying a house can be a daunting time for anyone, but if you are new to the process, it can be a total minefield. From mortgages and surveys through to solicitor's fees and legal documents, here are 11 things you need to be aware of before buying a property.1.
He says: “A mortgage deposit is a lump sum of money that you pay towards your home upfront, and it is a percentage of the total house price, usually between 10-20%, but some lenders will accept a minimum of 5%. Back in March this year, the government announced a new 95% mortgage scheme which will help first-time buyers get a mortgage with the minimum 5% deposit, and more lenders will be able to offer a 95% mortgage.
6. Remember the extra fees You've been busy saving for your deposit, but what about the additional extras? Set aside £1,000-£2,000 for your solicitor's fees, and also think about moving costs like hiring a van.7. Look ahead to future renovations Thomas Goodman, property expert at MyJobQuote.co.uk recommends:"When viewing a house, think about what renovations are needed straight away and ask about any structural work needed.
10. Don't dismiss a project for your first home Thomas Goodman of MyJobQuote.co.uk says:"You can really make a project purchase your own and it can be exciting to see it all come together. First, you must have a budget in mind and stick to it. When viewing the home take a notepad and pen and write everything down that will need renovating and decorating. Create a list of costs and add them up to see if you can do it all within budget.
14. Always read the small print You will be given a mountain of paperwork throughout the house buying process and it is really important that you give the terms and conditions a good read.
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