First Time Buyers
If you are a first-time buyer you will probably have spent the last few years working hard to save for that all-important deposit. If so, it might now be time to start thinking about how much you could borrow and what type of property you would like and can afford.
First Time Buyer Deposit
The deposit you have saved or have started to save is very important and will determine how much you need to borrow as a mortgage. Obviously, the bigger deposit you save the less you will need to borrow, however a larger deposit will also mean that you have access to more competitive mortgage rates. This is known as the Loan to Value, which looks at the amount you would need to borrow compared to the value of the property. The lower your loan to value the better deals you will find.
What to look out for when viewing a property
No property will ever be perfect on all fronts, however it is important to know as much as you can about the property before you make a decision. Remember that a lot of issues can be resolved, it will just depend whether you want to do work/spend more money or if you are looking for a ‘turn key’ property. Here are a few things to look out for:
· * Are there any signs of damp/mould/condensation?
· * Are there any exposed wires?
· * Do the light switch’s all work?
· * Are there any cracks to walls and ceilings?
· * How many power sockets are there and are these conveniently placed?
· * How much storage is available and will this work for you?
· * Do you feel comfortable with the surroundings of the property, are you overlooked by neighbours?
· * Do all doors and windows open and close/lock?
· * Are the windows glazed/are the frames in good condition?
· * Check water pressure/do taps work?
· * Which way does the garden face? Are you happy with this?
· * Does the garden require much maintenance?
· * Can you see any missing or cracked tiles on the roof?
· * Ask about the heating system, if there is a boiler, how old is this?
· * Are you looking for a future scope to extend/ad value?
Take your time
Always remember to give yourself time to look around the property, ask plenty of questions and do not be afraid to ask for a second viewing. You may also want to ask a family or friends opinion or take someone else with you to view. You ultimately want to feel happy to proceed with a sale.
Check mortgage eligibility online