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My First Home ::

In general the two main options you have accommodation wise when you graduate are:

  • To continue renting accommodation or 
  • Buy your first home. 

Buying a home for the first time can be very daunting. Here we summarise moving in 5 steps.

Find out how much you can borrow. The amount you can borrow will depend upon what you earn and other outgoings. The nominal mortgage allowance is 3 - 3.5 times your annual income. It is important to find out what your Mortgage will mean in terms of monthly repayments ( a mortgage of 60,000 will have a monthly repayment of roughly 400).

Choose the right mortgage. It is important to consider all the Mortgage Options  available on the market. As well as this summary advise can also be obtained from mortgage advisers based at most high street Building Societies, Banks, or Estate Agencies.

Find a House. It is now time to search the many Estate agents. You can either do it the old fashioned way by walking the streets looking in every Estate Agent's windows, or search the Web on one of the many ON-Line Agencies.

Get a Solicitor. Once you have found a house it is time the get the process of buying it underway. Getting a Solicitor is very important, and yes you must have one. They arrange the legalities of buying the house. It is important to search around for them as their fees do vary. A solicitor who charges fixed fee is advisable, most do nowadays, as paying by the hour can be painful. The Solicitors job is to organise the governmental documents and arrange with the Council your new purchase. They liaise with the Estate Agent so it is worth asking the Estate Agent if they recommend any; as a good relation between Solicitor and Agency can help things go smoothly. The end Solicitors fees can end up well over 1000. However this  would include the Professional Fees and the standard costs of buying a house, HM land Registration Fees, Local Search, e.t.c.

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Complete the Deal. Most of the final arrangements are in the hands of the Solicitor. They should keep you up to date with the deal allowing you to get on with the moving in arrangements. Then all there is to do is move in.

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