Help for the first time buyer

Here at the Mortgage House we understand that buying your first home or 'getting on the property ladder' can seem really exciting but also daunting and complex. We will provide you with simple, straightforward advice to help make the move into home ownership as simple as possible.

Buying a property is a big financial commitment so we do recommend that you have do your research before you start looking at properties – once you have fallen in love with an area or a property it may be harder to make the right financial decisions.

Deposits – You will usually need a minimum deposit of 5% to secure a mortgage – but it is worth noting that the more you are able to save the wider range of mortgages you may have access to.

Other costs to be considered in your financial planning

  • Stamp duty – if you are a first time buyer then you will not be eligible to pay stamp duty on the first £300,000 of your property as long as the total value of the property is under £500,000. Legislation does change however so it may be worth checking out one of the online Stamp Duty Calculators to find out how much you need to pay
  • Valuation fees – most mortgage lenders will value your property to work out how much they are prepared to lend costs vary but it could be between £150 and £1500
  • Surveyors fees – a survey will cost from around £250 for a basic survey to over £600 for a full structural survey.
  • Legal costs – most people use a solicitor or conveyor to carry out all the legal work associated with buying a property the fees will be from around £850 to around £1,500. In addition to the legal fees is the cost of a local search – this will tell you about any restrictions around the property or land you are planning to purchase including things whether the property is a listed building or in a conservation area and also covers planning agreements, highways proposals and environmental factors that may affect your property. The cost of a search will differ depending on the local authority.
  • Mortgage lenders' fees – these will differ according to the lender but it is a good idea to be aware that there will be costs associated with taking out a new mortgage your Mortgage House advisor will be able to advise you about the fees associated with any loans

If you are looking for first time buyer advice and would like to speak to Chris at our Brighton offce about the options available please call him on 01273 870 302, mobile 07821 409589 or email him on – or if you'd like to arrange a call back – fill in the details on our contact page.

We look forward to speaking to you

The Mortgage House, simple straightforward advice