Money saving tips for first time buyers

03-Nov-2005

First time buyers can cut the cost of getting on the first rung of the property ladder by managing their moving finances better, says a new report.

To find out more about creative mortgages designed specifically for first time buyers click here

Research by Your Mortgage magazine has revealed a number of ways in which potential homeowners can reduce both the stress and overall expense of buying and moving into a new property.

Instead of splashing out on the expensive advertisement and advice services offered by estate agents, the report suggests taking a more independent approach and using property websites and specialist newspapers to promote the house, with savings of at least £3,000.

If you are interested in buying a new house within a 'gifted deposit' scheme whereby you don't need to come up with a deposit but just pay a nominal fee of £5000 click here

Asking friends and family to help with the move, removing the need for a professional service, can save £5,000, while switching utility providers can reduce bills by up to £700.

"My advice would be don't be afraid to negotiate and do your homework when it comes to financial products-don't just select the first option you see," explained Paula John, the magazine's editor.

The report also indicated that current sale prices were working in the buyer's favour, with prices just 93.4 per cent of the original asking price, which is the biggest difference since January.

Click here to see what properties are on the market in your area – whether you buy alone or with others

To find out how to get onto the property ladder by buying to let somewhere else click here

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