Buying your first home - five point plan

1. Get some good advice. One of the best ways to help yourself is to seek out independent

, professional advice. Family and friends are understandably the first port of call for many first time buyers.

2. Never borrow more than you can afford. It may be tempting to try to outbid the competition for a property you like, but be realistic.

The banks will be there to help you make sure that this doesn't happen also. They will take every precaution to make sure that the amount that you borrow is affordable, and that you can comfortably afford to repay each months. It is in their best interest to do so.

3. Investigate Share Home Ownership. Share equity or part-buy/part-rent schemes can be appealing as the buyers only need to find half the deposit and mortgage amount for the same property on the open market.

4. Do some mortgage research on the internet. Check out sites where you can shop around for a mortgage to suit you and find answers to many of your questions.

Also, take a look at some online mortgage calculators to give you an idea of how much the monthly repayments cost for the sort of mortgage you want.

5. Don't forget the added costs. It's not just the mortgage, but insurances(home or otherwise), furnitures, council tax and so on that you also need to consider.

This will be a long term commitment, so also think further down the line, how interest rate movements and personal circumstances could affect you meeting your monthly payments.

Finally, take your time, be precise, and don't rush into something that you are not sure about. Always sleep on it, or get a second opinion.

My property blog

Buying your first home - five point plan

By: Lee H.

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