Buying a house for most people is buying the most expensive item for your whole life! Daunting yes, but with good, impartial advice the process can be well planned and executed.

How much can I borrow
'Earnings multiples' which are used to calculate how much individuals or partners can borrow vary widely between the hundreds of banks, building societies, and specialist lenders. A typicl example is a bank lending you up to three times your annual salary (i.e. £20,000 x 3 = £60,000 to borrow); for those buying jointly both incomes can be taken into consideration. For certain parental guarantor mortgages a lender will factor in a parents salary/income to give extra borrowing power to the sibling. Remember with around over 4,500 mortgages from 150 lenders available exploring options is vital.

Mortgage Rate Types
Discount; Variable; Fixed; Capped; Tracker - Each 'product' will affect the amount you pay back and how the outstanding mortgage balance is reduced. Differing setup fee's and exit penalties will apply to differing mortgage products. If you are not familiar with this topic then give us a call for simple, impartial advice.

How to repay
Repayment; Endowment; ISA; Pension; Interest only - Term of the Mortgage - Portability. If you are unfamiliar with these various options then contact us for a simple explanation.

Costs
Make sure you budget properly for:

Stamp Duty	Solicitors Fees	Searches
Land Registry	Legal Disbursements	Lenders Solicitor Fee
Mortgage Indemnity	Vaulation Fee	Building Insurance
Removals Firm	Contents Insurance	Renovation

Poor Credit / No Credit
When you are younger you may have little or no experience of the credit sector in terms of having had loans, credit cards etc. Sometimes this lack of a 'credit history' can make lenders think twice about a borrower as they appear to have no track record. Conversely you may have experienced minor credit difficulties such a paying a bill late; having to renogotiate a loan; having a family member with a poor credit record residing at the same address as yourself. If in doubt or if you have experienced difficulties in obtaining credit give us a call for advice and help.

Be Advised - Be Aware:

•	Buildings & Contents Insurance: Some lenders may pressure you into taking their insurances which are very expensive - This is not necessarily a requirement
•	Redemption Penalties: For repaying your mortgage early; switching to another lender; ending a fixed term loan early
•	Incentives: Some Lenders offer 'incentives' such as free valuations and legal fees
•	Honeymoon Rates: Some Lenders offer introductory interest rates for an initial period (eg 6 months) - what will the rate be at the end of this period?
•	Mortgage Indemnity Guarantee: If you are borrowing a high proportion of the property purchase price you will be charged a one off MIG which can run into £thousands. This will vary between Lenders
•	Repayment Calculation: Is your mortgage calculated daily, monthly or yearly?
•	Flexible: Can you overpay or underpay?
•	Cover: Are your monthly mortgage payments covered in the event of sickness; accident or unemployment

How can we help? Find out now.
Call one of our team on 08704 28 28 29* for a free first time buyer review.We can provide impartial and invaluable advice on all of the topics discussed here. We search through over 4,500 mortgage products from 150 lenders to provide a valuable comparison.

* Lines open Monday - Friday 8.00am - 10pm. Calls charged at local rate. Calls are monitored and may be recorded for training purposes. Operated by Asset Design Limited, authorised and regulated by the Financial Services Authority. Find out more