Tips for First Time Buyers

If you're a first time buyer then there are a number of things you must consider before making that big step on to the housing ladder.

The first thing to be sure about is how much you can afford to borrow from a mortgage lender. Generally you can borrow 3.5 times your annual salary or 2.85 times your joint annual salary, if you're getting a joint mortgage.

With current house prices so high, getting on the property ladder is harder than ever before, so some banks and building societies are offering first time buyers more than five times their annual salary. However, you must be sure you can afford the repayments before agreeing to such a large mortgage.

It is important that you are realistic about how much you can afford to spend on your first home, because the extra outgoings, such as council tax, utility bills, repair work, and furniture, must all be included in the expense of your house. There will also be extra costs for buying the house, including Stamp Duty and legal fees.

You also need to think about the location and type of property you want to buy. Make a list of essential features, such as number of bedrooms, central heating, parking space, etc, and a list of desirable features, such as fitted hob/oven, beamed ceilings, etc, as this will help you narrow down your search.

It is also worth seeking the advice of a mortgage advisor, as well as asking family and friends, who already own a house, to view potential properties with you. They are more likely to spot problems and may ask questions you haven't thought of.