first time buyer

Buying your first house can seem quite a daunting process, there's estate agents, solicitors, house move chains, not to mention the financial aspect of first time buying.

how much can you borrow?

Most lenders will go to 3.75 time a single salary, or 2.5 times your joint income if buying as a couple - however this of course varies from lender to lender so you should confirm with your lender of choice how much they will offer you.

estate agents

The estate agent is one of the first people you come into contact with when buying your first home, no doubt you've spent time browsing the property papers, and staring through the estate agents windows, to get a good idea of the houses available in your area.

Once you've found the house you want, you need to put an offer into the estate agents - it's perfectly acceptable to offer less than the asking price, it's a judgement you have to make yourself, if similar properties have gone for less, then you may have a good chance of saving yourself money, however if there are others interested in the property the vendor may refuse your offer.

Once you've decided on your offer and told the estate agent, they are obliged to tell the vendor that an offer has been made and for how much.

Don't forget the estate agents are working for the vendor, and the majority are paid a percentage commission so it's in their interest to get the highest price possible. Once you've had an offer accepted you need to find a solicitor fairly quickly to act on your behalf.

solicitors

It's probably best to ask home owning friends and family about the solicitors they have used in the past, and whether they would recommend their service.

Buying a house can be a stressful process, and a lot of the hassle can be reduced by having a solicitor that will happily communicate and explain issues with both you and the vendors solicitors. The solicitors don't have to be based in the local area, so it is well worth looking around and finding a firm that is highly recommended by people you trust.

mortgages

Getting on the ladder can be the hardest step, as you have no equity and unless you have significant savings you may have to go for a 100% mortgage which restricts your choices.

The good news is there are some good deals around for first time buyers, some of our preferred mortgages are:

Yorkshire Building Society - First Time Buyer rates

Halifax - First Time Buyers

RBS - First Time Buyer Mortgages

First Time Buyer