Help for First Time Buyers
- What a First Time Buyer needs to know
- Points to consider
- How much can I borrow?
- First Time Buyer Mortgages
- Real Estate Transfer Tax
- Protecting your investment
- Choosing expert help
- Buying with friends or family
- Stages of purchase
- Shared equity
What You Need To Know
Why are First Time Buyers important
Looking for your first home - your first investment, can be a frustrating and, at times, soul-destroying task. Property prices always seem to rising faster than salaries. In addition, associated costs such as legal fees are also increasing sometimes faster than the rate of inflation.
Nevertheless, financial institutions continue to court first time buyers, with good reason. Without first time buyers, the whole property market would stagnate and so would mortgage providers' profits. Forward looking mortgage lenders need to take a long-term view of their customers' interests. If borrowers are treated fairly they are much less likely to shop around when looking for a loan on a new property. Over the long-term, retaining existing borrowers is much more cost effective than having to view for new borrowers in a competitive and ever changing market.
The First Step for the First Time Buyer
Before you start your search for your first property, some basic planning and calculations are essential. More than anything else, you need to know how much you can afford, which almost always means how much you can afford to borrow.