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17-09-2011, 10:34 PM
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First time buyer - not a clue
Hello, Ive never rented a house, neither bought one (as title states) and im now looking to buy a property in the north west.
Could anyone please explain how a mortgage would work for a first time buyer also what deposit would i have to pay? is it a fixed percentage or fixed cost etc etc if it ranges alot, what would it be for an average first time buyers house? Any info about houses for a first time buyer would be greatly appreciated Thanks 
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20-09-2011, 10:04 AM
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Re: First time buyer - not a clue
Find a local mortgage broker - they will explain everything you need to know. good luck
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10-10-2011, 06:47 PM
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Re: First time buyer - not a clue
Hi Expanding foam,
It's a shame that schools don't address the whole process along with other forms of financial grounding. But there are absolutely no stupid questions when it comes to buying your first home. Feel free to PM if you have any specific questions.
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11-10-2011, 01:11 PM
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Re: First time buyer - not a clue
I am amazed by the complete lack of financial education in this country.
If you dont know how a mortgage is you should have one really imo. No wonder so many "financial mis-sold" cases are around if people dont understand.
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12-10-2011, 09:36 PM
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Re: First time buyer - not a clue
There are lots of things to consider when buying a home - you can either make a big success or buy an anchor that hangs around your neck.
My advice is spend a little time educating yourself in the process. Even people who have bought several houses in their life may not be switched on and may have just followed the same process - sucessfully, but not smartly. Education in my view is the only way to minimise the risks - just about anyone with a deposit and a good credit history can get a mortgage. For instance in older houses, it does not harm to have builder look it over - and you will get much more value than the surveyor for a lot less cash spent. Paul
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14-10-2011, 03:52 PM
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Re: First time buyer - not a clue
But no PMI insurance to sue him for if he misses anything crucial!
You get what you pay for. A proper structural survey by a qualified surveyor is always better than a builder IMO
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02-11-2011, 01:30 PM
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Re: First time buyer - not a clue
The absolute basics are covered fairly widely on the internet. Although, have you asked anyone you know (friends or family) who've bought property before?
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