- Research how much you can afford to borrow to get a feel for the size of deposit you will need to save.
- Budget - plan your income and expenditure to understand how much you could save on a monthly basis to build up a deposit towards your dream home.
- Don't forget the other costs involved in buying a home. If all your savings are being put towards your deposit, consider first direct's Fee Free mortgages: no arrangement fee, no booking fee and no standard valuation fee - costs which can soon mount up. A homebuyer could typically save over £1,600 with first direct's Fee Free Homebuyer mortgages****.
- Consider a fixed rate mortgage if you want to know what your monthly payments will be whilst you find your feet.
- Low deposit mortgages are becoming increasingly available in the market, so do your research to find the best deal for you
- Remember to haggle on the value of your chosen property; vendors commonly build 10-15% in to their asking price and the worst that can happen is they say "no".
- If you're not part of a chain and have a mortgage agreement in principle (AIP) you'll normally be in a much stronger position to have your offer accepted. An AIP from first direct lasts for six months.
Up To 1.5 Million Regretted Not Buying Their Home In 2012
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