Buying a house can be an overwhelming experience, so a first time buyer can easily feel bamboozled by the house buying process: what first time buyer finance is available, what mortgage should they choose, how much deposit will they need, or is there any help out there?
The first question you should ask yourself is, can I afford to buy a property? You may have been saving for a long time or have been left a legacy in a will and have a sizeable deposit. The deposit depends on the type of property you want to buy. For example, if you are taking advantage of the Help to Buy Schemes, you may not need to have such a large lump sum to put down.
Generally, the bottom line with deposits is larger is best. Having a bigger deposit as a first time buyer allows you to get better mortgage deals, makes shorter term mortgages more affordable, or reduces your monthly repayments. Ideally, you should aim for around 20% of the sale price, but there are schemes out there (discussed below) designed to reduce the amount you have to save.
First Time Buyer Finance: Credit history
Your credit history is the main criteria lenders use to assess the likelihood that you will consistently pay off a mortgage. No credit history is just as bad as a poor credit rating and probably means you are not in a position to buy at the moment. To get a good credit rating, Martin Lewis suggests applying for a credit card, spending something each month and paying the balance off each month. This improves your credit score and shows you are a responsible borrower. Once you secure a mortgage, you should ensure the monthly repayments are affordable.
For more information visit: https://onlineconveyancingsolicitors.co.uk/first-time-buyer-finance-and-affordability/
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