silver_V179GNA
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Registered: 1st Jun 04
Location: Darlington
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hi guys  i dont plan on buyin right this second but soon id like to get on the property ladder... but how does a first time buyer go about things..? how muchos deposit is it usually? or is that in with the morgage  ? just a general idea of what id get myself into please!  im a total newb to all this 
thanks 
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BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
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normaly deposit is atleast 5% of the house price. (I think thats what we payed)
Best thing to do is go to an estate agents and ask about property's, and then the ones with their 'independant' mortgage advisors will try and get you to have an appointment with the advisor.
I'd recommend this as its free of charge, and they will find you the best deals at the time and see if you earn enough to pay back a mortgage.
You will also be able to work out what you'd have to pay a month etc..
[Edited on 26-11-2006 by BabyBlade]
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Ally
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Registered: 2nd Jul 03
Location: Pontypool Drives: a Skoda
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Your gunna need 5%, or look out for vendor gifted deposits (seller pays it for you)
On top of that your gunna need say 3k for fees and stuff, and stamp duty if the value of the house is over 120k
You need to see a financial advisor to see how much you can borrow so you can start looking within your budget.
Dont go for the first house you see, look round a good few before considering putting an offer in.
Talk to your parents and any mates you have that have bought. It can be really stressfull if u have any problems, they may also be able to reccommend a good financial advisor as well
Decide on whether u want interest only or repayment.
Interest only - your only paying off the interest on the property, which is good if you want that extra cash every month but bad in the long run
Repayment - where you pay off both the interest and the value of the house.
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silver_V179GNA
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Registered: 1st Jun 04
Location: Darlington
User status: Offline
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thanks for the info ... whats best buying alone or buying with someone to start of with?
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BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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Thought stamp duty was over £125k?
looking at the property at the mo and the estate agent said I wouldn't have to pay stamp duty because its a 125k exactly and sd is over 125k?
I hope I'm not being taken for a
[Edited on 26-11-2006 by BabyBlade]
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BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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quote:
Originally posted by silver_V179GNA
thanks for the info ... whats best buying alone or buying with someone to start of with?
Hmm Well I bought a place with my mate almost two years ago, and now we hardly talk and selling up..
ALOT of people put us off doing that but we still did, and even though it's been a good experience and was fun at the start, its bsaically ruined our friendship.
I'd recommend doing it on your own to start off with or if you really trust the person your with try it with them, but I'd recommend renting for a few months before commiting to a mortgage just as a taster
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silver_V179GNA
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Registered: 1st Jun 04
Location: Darlington
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thats actually a good idea mate! ill take that on board
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p4uls corsa
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Registered: 2nd May 05
Location: BRADFORD
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a lot of places do 100% mortgages for ftb but the interest rate is slightly higher, me and partner just got one should hopefully complete next week
but best to go to see mortgage adviser and see what the best deal is they can get u
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Kerry
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Registered: 5th Oct 01
Location: Norwich
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Financial advisors can get good deals from lenders for first time buyers
RBS offer good packages however to get 100% you need to have a good credit rating as in atleast of had some credit already like loans, credit cards, mobile phone contract
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BabyBlade
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Registered: 5th Feb 03
Location: Hereford Rides: Ninja 600
User status: Offline
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stamp duty is 1% on anything over £125k
Thought I'd better check..
It goes up again at 250k
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silver_V179GNA
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Registered: 1st Jun 04
Location: Darlington
User status: Offline
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thanks for all this info guys  muchos apreciated
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Jamie Walby
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Registered: 15th Nov 04
User status: Offline
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When I worked in a solicitors you didnt have to pay stamp duty if the property was in a deprived area.
Which was almost all the properties we did cos we sorted out Right To Buys
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