Which home buyers guide

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Taking your first-step on the housing ladder is an exciting time, but it can be a confusing process — with a lot of jargon thrown at you. A mortgage is a loan taken out to buy property or land. Most run for 25 years, but the term can be shorter or longer.

There are a range of schemes available to help first-time buyers to help you get on the housing ladder, particularly if you only have a small deposit. The lower the LTV, the lower your interest rate is likely to be. This is because the lender takes less risk with a smaller loan.

To work out how much you can afford, use our Mortgage affordability calculator. As a first-time home buyer, the most important thing to bear in mind is whether you can really afford to take this step.

But you might also want to think about using a regulated mortgage adviser. Advisers know a lot about the mortgage market and can help you find the mortgage that best suits your needs. Comparison websites are a good starting point for comparing mortgage interest rates.

You can use these websites to compare mortgages:. There are many different types of mortgage on the market, and understanding these options will help you make the right choice. The first thing to think about is the interest rate. Most people start out on a fixed rate deal for a set number of years. This is unless you switch to another mortgage with your existing lender, or re-mortgage to a new lender.

Repayment mortgages are the most common, where you make monthly payments for the amount you borrowed and the interest. This means you own the property and the land it sits on. Applying for a mortgage can seem like a long and confusing process, with a lot of forms to fill out.

This is a detailed look at your finances, which lenders use to work out if you can afford your long-term repayments. This includes a range of family assist mortgages. MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices.

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Use these calculators to see if you're financially ready to buy. How much can I borrow: mortgage calculator Mortgage repayment calculator Stamp duty calculator. All 11 calculators. Compare mortgages. See the latest mortgage deals on Which? Money Compare. First-time Buyer Mortgages. Make your money go further. Find the best deals, avoid scams and protect your savings and investments. Join Which? This can reduce the chances that you'll be gazumped.

You can see how much your monthly payments would cost based on different interest rates, loan amounts and mortgage terms using our mortgage repayments calculator. Conveyancing is the legal process that takes place after your offer is accepted. In England and Wales, this includes carrying out searches, drawing up and checking contracts, dealing with the Land Registry and paying any stamp duty. You can use a conveyancer - who might not be a qualified solicitor but will definitely specialise in property - or a solicitor, who you should check has recent experience in property law.

Find out more: what does conveyancing involve? Property surveys help to assess the condition of the building and detect structural problems. A survey could also enable you to either negotiate the purchase price down, or ask the seller to fix any problems. January The cost will depend on the location, size and type of property. But if you have a lot to move, removal companies can help make the process easier - Which?

Trusted Traders can help you find a reliable firm near you. Removal company costs will depend on the amount of items you need to move and the distance to your new property, among other things. The chances of anything falling through from this moment are extremely low. Your conveyancer will lodge an interest in the property, enabling you to pay the seller, and apply to the Land Registry to transfer the deeds to your name.

Completion often takes place around two weeks after exchange, but this is flexible and you can agree a convenient date with the seller. On completion day, the money will be transferred to the seller and you can then collect the keys from the estate agent and move into your new home. Next comes the much more enjoyable task of starting to furnish and decorate the property to your taste - and maybe even taking a moment to simply relax.

In this short video, property TV presenter Jonnie Irwin runs through the steps you'll need to take when buying your first home. Financial Services Limited. Financial Services Limited is a wholly-owned subsidiary of Which? Limited and part of the Which? Money Compare is a trading name of Which?

Money Compare content is hosted by Which? Limited on behalf of Which? Mortgage calculators. Compare Mortgages. In this article. Budget new mortgage guarantee scheme to launch A step-by-step guide to buying your first home 1.

Save for a mortgage deposit 2.