Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

How to Buy a House

Surveys and Surveyors

Unless you are putting a large deposit down on the property, your mortgage company or lender will probably carry out a survey for its own purposes. This is called a valuation and simply verifies that the property is adequate security for the lender's loan.

For your own peace of mind, and perhaps as a bargaining tool, it's therefore a good idea to commission your own survey. This can be either a Home Buyer's Report or the more expensive full structural survey. A full structural survey will give you peace of mind about whet you are investing in.

Having your own survey carried out will ensure you are aware of any problems such as damp, dry rot or subsidence. It will also highlight remedial work that needs doing, which can be factored into the price. A survey could even save you from buying an unsuitable property.

Surveyors are easy to locate through your phone directory or through their industry body, RICS.

The Home Condition Report outlining any problem areas. It may also let you know the approximate utility bills and council tax.

Find out more about the house-buying process in our guide to how to buy a house:

How Much Can I Borrow? Find a Property  Mortgages  Conveyancing Solicitors and Legal costs  Stamp Duty  Property Insurance  Home Information Packs  How to Budget  Solicitors  Removal Companies  Utilities Companies  Buying a House at Auction  Buying a Repossessed Property

 Useful Links:

www.rics.org.uk – industry body

Most useful and most popular pages on this site:

Look for your First Property l Seek First Time Buyer Mortgage Advice l See our Best First Mortgages Comparison Table l Find out about First Time Buyer Mortgages l Find out How to Buy a House l Learn all about The First Time Buyer Mortgage l Shared Ownership



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Interest rates are low but could rise? Is this a good time to buy?

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Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
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House prices are waivering. Do you think this is a good time to buy?

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Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

Too complicated
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Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
Too complicated
Good option