Most first time buyers get an enormous amount of satisfaction and pride out of putting the key in the door of their new home for the first time, even though it might not always be an easy journey.
Of course, there are quite a few reasons why Britain is a nation of aspiring home owners…
So, you think you want to buy?
Well, there’s a few other things you need to think about before you start house hunting.
First of all, you’ll need a deposit for a mortgage before you can seriously considering buying your first home. A mortgage deposit will be at least 5% of the value of your new home, but is likely to be more like 10-20%. So on a £200,000 house, a 20% deposit would be £40,000.
Sound like a lot of money? Then it’s worth knowing that there are several First Time Buyer Schemes available for people who only have a 5% deposit.
If you have saved a deposit, then you can find out if you are able to get a mortgage. Taylor Wimpey works with trusted Independent Financial Advisors who understand our business but work for you to get you the best deal on a mortgage.
Whether you can get a mortgage or not will depend on your household salary, your credit rating, and the size of your deposit. An experience IFA will be able to tell you what options are available to you.
Consider how being a home owner will affect you
Before you get carried away thinking about colour schemes and wallpaper, make sure you’ve seriously considered how buying your first home is going to impact on your life.
When you own a home, you’ll have regular monthly outgoings, a permanent base, and you may have to give up some luxuries to ensure you pay the mortgage.
Even if you’ve got a deposit and can get a mortgage, you should also ask yourself a few questions:
- Do you have a permanent job?
- Are you planning on staying in the same location?
- Are you happy to take on the responsibility of owning a home?
- Can you comfortably afford to pay the monthly bills as well as the mortgage?
- Are you prepared to forgo your luxuries if needed?
Answered yes to all of these questions? Then you’re probably ready to take the plunge and buy your first home, so read on!