Buying a First HomeBuying a first home
How much can I borrow?
The first thing you need to consider when buying a property is how much deposit you can afford to put down, how much you can borrow and which is the most suitable mortgage for your circumstances. You need to also have an idea of what other costs you will incur such as stamp duty, furniture, furnishings and professional fees.
To do this you will need to compare lenders’ mortgages yourself or seek a good mortgage broker or independent financial advisor who can select the right mortgage for you using their specialist market knowledge.
Whilst there are home builders who are purpose-building low cost properties aimed at first time buyers, it may be that when you have established how much you can borrow it is not enough or you feel you may be overstretched financially.
In that case you may have to consider some sort of co-ownership or co-financing – see below for more information on this.
For more detailed information about buying a first home and the various financing and ownership options go to www.FirstRungNow.com