Buying a house can be a stressful experience, especially if you’re a first-time buyer. From mortgages to monthly repayments there’s a lot to get your head around. Estates Direct have compiled a few things you can do that will make your life a whole lot easier when buying a house.
Save as big a deposit as you can
Once you’ve decided that buying a house makes more sense financially than renting a property, you need to make sure you save for a deposit. The bigger your deposit, the better mortgage rates you will be offered and the lower your monthly payments will be. To obtain a mortgage you typically need to save a minimum of 5% to 20% of the overall cost of the property. The best available deals are eligible to deposits that are at least 25%.
Explore government buyer schemes
The government offer a number of home ownership schemes, which vary between England, Northern Ireland, Scotland and Wales. Before making any decision it’s worth finding out if you are eligible for any of the schemes, especially if you are only able to save a small deposit. The Help to Buy scheme, for example, offers first-time home buyers the opportunity to buy a home with a deposit of just 5%. If you are able to secure 80% of the value of the property through your mortgage and deposit, the government will provide a loan for the remainder.
Find the perfect property for you
Buying a house is likely to be the biggest purchase you’ll ever have made, so it isn’t a decision that should be taken lightly. Estates Direct offer an in-depth range of properties for sale in Worcester and the surrounding areas. Each property features comprehensive descriptions on our website and our knowledgeable agents are able to provide you with all the information you could ever need during viewings.
Estates Direct are an online estate agent that can save you £1000’s in high street estate agency fees. Our experienced team of local property specialists are dedicated to providing a professional, expert service that best suits your needs.
If you’re a first-time buyer with any questions or concerns, please get in touch with our specialists today who can provide expert advice and guidance. Contact us online or call us on 08456 31 31 31 now.