Money Milestones

Mortgages

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Congratulations! You’re looking to buy your own home. It’s an exciting time but can also be a bit daunting. There’s a lot to understand and things you don’t want to forget in the buying process. We can help you understand the mortgage process and make it a bit easier.

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  • To find out more about lenders’ criteria, information on government schemes, as well as other useful information on the mortgage process, read our guide on How much can you afford to borrow for a mortgage?

  • Now that you’ve got a good idea of what lenders are after, you can start thinking about how much you should be able to afford. Use our Mortgage calculator to help you work it all out.

  • Now you’ve done your homework, you can start looking at properties for sale in your preferred area to get an idea of what’s in your price range. But bear in mind there will be other house-buying costs to factor in – more on these later.

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  • Let’s take a look at the budget you created in week one. With everything clearly laid out you should be able to see how much you can save each month towards your deposit.

  • Make sure you’re aware of how much deposit you need, what help is available to boost your fund, and where the best place is to keep your savings in the meantime by reading this guide Saving money for a mortgage deposit.

  • If you’re using a savings account, set a reminder on your phone or in the diary to review your rate at least once a year to make sure you’re getting the best rate of interest.

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  • When you’ve worked out the sort of deposit you’re going to be able to build, it’s time to consider the other immediate costs of buying a property. You can read more about these in our guide Cost of buying a house and moving. It’s important to budget for these fees before you decide on the price range you’re looking at when you’re choosing your new home.

  • Keep going! It’s time to get to grips with the house-buying process, key stages, timeline and what fees to expect. Our guide Home-buying process – steps to buying a new house or flat, will take you through everything step by step.

    If you’re in Scotland. read our guide Buying property in Scotland.

  • You’ve done your research, you’ve got your deposit and budgeted for other house-moving costs. It’s finally time to start house viewing!

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