First time buyers

The property market in the UK continues to get tougher and tougher, causing many first time buyers to think that they won't ever get onto the property ladder. With the average house in the UK selling for £120'000, its estimated that almost half of the UK population can no longer afford to put a foot on the property ladder.

But as a first time buyer, you have some real advantages in the marketplace. With the property market as it is, Lenders are really fighting for custom and thanks to this, interest rates are at a 30 year low. Another advantage you have against those simply climbing the ladder is that you're not going to be part of a chain, and likely to get lower offers accepted when a seller wants to move fast.

As a first time buyer, you may be better looking for a new build home. Even thought they tend to be a little more expensive, it eliminates alot of the stress of surveys and redecorating associated with moving house. Building companies are another sector of the market who will be vying for your attention by offering incentives such as low deposits and inclusion of extras such as carpets, fitted units and even legal fees.

Befory you start looking for that elusive dream house, its wise to get a few mortgage quotes and an agreement in principle from your chosen lender. Not only will this give you a budget to work to and avoid disappointment, but in a fast moving market, it will add strength to any offer you decide to make on a house.

Don't forget the aditional costs in buying a home. Most properties (All over £60'000) are subject to stamp duty. How much is dependant on the exact cost of your home. Then there are legal fees, Surveys, Insurance, Moving, and Furnishing. On top of all of which you will have to pay VAT.