First time buyer - timeline and advice
Having just bought our first house I can tell you it can be confusing if you don't know when certain things need to happen. How can you put an offer in if you don't have a mortgage? How do you know how much mortgage you need if you don't have an offer accepted? When do you pay and how does it all work? Here is how we did it and this worked really well. Save Get your deposit sorted. House prices change all the time but keep your eye on costs and build up your deposit. I had 10% saved up and used that alongside mortgage calculators (see links in below item) to work out what we could borrow and afford to pay each month. This works the other way too and they can help you work out how much you need for a deposit. There are schemes which require only a 5% deposit ( Help to Buy ) but it is advisable to save up before approaching this scheme too. Remember, you will have to afford mortgage payments and payments to the provider too. Also bear in mind additional costs such as ...