Think you're ready to buy?
Then kick things off on our website by searching for what’s available in the area you want to buy. This will give you an idea of how much money you'll need to save for a deposit and borrow on a mortgage.
Consider whether you’d like your first home to be a flat or a house; a period property or a new build. There are lots of benefits to buying a new-build home, including increased energy efficiency and some great buying schemes for first time buyers.
How much money do I need to buy?
Unless you've got a large sum of cash available, you’ll need a deposit for a mortgage before you can seriously consider buying your first home. This will be at least 5% of the value of your new home, but is more likely to be 10-20%. So on a £200,000 house, a 10% deposit would be £20,000.
Sounds like a lot of money? We have schemes like Help to Buy which mean you can buy with just 5% deposit.
How do I get a mortgage?
Your mortgage application will be affected by your household salary, your credit rating and the size of your deposit. An experienced Mortgage Advisor can tell you which options are available to you. Take a look at our guide to Applying for a Mortgage below.
At some point during your research, you might need to tweak your wish list. If a three bedroom house in an upmarket part of town isn’t available at your budget, you may need to compromise.
Consider which aspect of your home search is most important to you - the location of your home or the property you're hoping to buy?
Decide which of your property search criteria is non-negotiable and which would be an added bonus. Cut out any properties that don't meet your must have criteria, but don't get hung up on the nice to have aspects.Property Property
Think about what you could compromise on and then consider what impact it will have on your quality of life and your requirements for your home.
- Could you buy a flat instead of a house?
- Do you need that extra bedroom, or could you go for a one-bed flat?
- Do you need a garden or a parking space?
- Is there another area nearby with similar transport links and amenities at a cheaper price?
- Do your research on commuting times by trying out your route in practice. It may not make as much difference as you think living slightly further away from work.
- Consider moving to an area which has regeneration planned, as this will impact positively on property prices as it becomes a more desirable place to live.