There are a lot of different costs involved in buying a home. Careful budgeting and consideration of all the different costs involved are really important. This helps to ensure that you will be able to afford the repayments on your mortgage.
Independent financial advice
Speak with an independent financial adviser, such as the team here at ESPC Mortgages, who can help you to work out how much you can borrow, what your deposit would be and what other costs would be involved.
They can help you understand the different types of mortgages available and pick one that best suits you. Knowing how much you can borrow will let you know what price properties you can start looking at.
A little help to get you started
You may also want to consider some of the financial assistance schemes which are available to help get you on your way, such as Help to Buy or LIFT.
Property tax - how much will you pay?
Also bear in mind that you will have to pay Land and Buildings Transaction Tax (LBTT) on your new home. Use our handy calculcator to work out how much property tax you will need to pay. If you buy a home for less than £145,000 you won't have to pay any tax.