How do I go about buying my first property?

Buying your first property and choosing the right mortgage can be rather daunting, so contact us and we’ll advise you on the mortgage options available to you.

But in the meantime, we hope you find the following information useful.

The amount of mortgage you can get depends on your income.

Income multiples do vary. As a rough guide, a typical multiple is four times your income. This figure could be higher or lower depending upon your individual circumstances and different lenders’ criteria. Some lenders do not use income multiples at all and will lend based on affordability.

Once you add to this the amount that you can afford to pay as a deposit, you have the amount you can pay for your first property.

It is also worth remembering the additional costs, on top of your deposit and mortgage that you will be expected to pay.

We may charge a fee for our services which we will ensure is clearly explained to you before you agree to proceed.

For example, you will have to pay stamp duty at the rates below;

Stamp duty rates
Up to £125,000	Zero
The next £125,000 (the portion from £125,001 to £250,000)	2%
The next £675,000 (the portion from £250,001 to £925,000)	5%
The next £575,000 (the portion from £925,001 to £1.5 million)	10%
The remaining amount (the portion above £1.5 million)	12%

Plus you will have to pay for the survey/valuation on the property, plus solicitor’s fees.

You may also have to pay an arrangement fee to the bank for the mortgage but the adviser would explain this.

If you need any more information, then simply speak to an expert today.