Think carefully before securing other debts against your home.Your home may be repossessed if you do not keep up repayments on your mortgage.
First-Time Buyers
Judging by the headlines, you could be forgiven for thinking it's all doom and gloom for today's first-time buyers. But there are ways to make it more affordable, such as buying with a partner or friends.
The obvious advantage of buying with someone else is that it allows you to buy a bigger and possibly better home in the area of your choice. However, it's always advisable to rent together first for at least six months first; if there are too many disagreements, it's much easier to walk away from a tenancy agreement than a joint mortgage.
No matter how well you get on with your co-owner, there are risks to be considered. If one of you can't meet your obligations, it will fall upon the other(s) to make up the balance of mortgage payments. You must also consider what you'd do if either of you couldn't work due to illness, lost their job, wanted to move out, or died.
You should seriously consider taking out private health insurance or critical illness cover. It is also worth drawing up a legal contract to cover any eventuality.
Find out about joint mortgages in our money and legal section.
Viewing properties
It's important that the estate agents regard you as a serious applicant. Show willing and be eager to view, and you'll be top of the list when something new comes on the books. Call them regularly - they'll think of you first when a property comes on the market.
Many estate agencies now have their own websites, where you can browse available properties. Be aware, however, that many don't update their sites as often as their shop windows.
Here are some useful tips to keep in mind when looking for the house of your dreams:
" View the properties as soon as possible. Leave it too long and you could lose the house.
" Make good use of your lunch hours or make appointments on the way to and from work.
" If two of you are buying and you have children, decide which one of you will be the chief viewer, whose job it is to weed out all but the strongest candidates.
" Don't be afraid to make numerous visits with tradesmen to find out what you're letting yourself in for.
" Check the history of any scruffy - and therefore cheap - property. If it's been rented it may have had a succession of landlords, all of whom may have done the bare minimum in repair and upkeep.
" If you're tempted to buy a run-down property to renovate and sell on, check how long it's been on the market. If it's been there a long time, it suggests there isn't a lot of profit to be made. Find out more in our renovating for profit section.
" New carpets, bathrooms and kitchens can be signs of a superficial renovation that is hiding more serious work to be done.
Think carefully before securing other debts against your home.Your home may be repossessed if you do not keep up repayments on your mortgage.
Mortgage & Remortgage Specialists