Whilst buying and moving into your first home is a time to celebrate it can also be one of the most stressful periods of your life.

With this in mind we have put together our guide to help first time buyers make their way through the purchase and move with as minimal stress as possible. 

Know the upfront costs

When it comes to buying a house you might not know just how expensive the process can be. Aside from the actual mortgage you will need to have saved around 5% of the cost of the property in the form of a deposit. 

You will also need to keep in mind the costs that are associated with purchasing a property including solicitors costs, mortgage fees, survey costs and perhaps even stamp duty. 

All of these fees can add up to a few thousand pounds which you will need to work into your budget. 

Your mortgage

It is important to talk to a mortgage broker or your chosen mortgage lender as early as you can in the process; that way they can provide you with all the expert advice you need to pick the right mortgage deal.

These people are experts in the field of mortgages and will be able to assess your circumstances, financial standing and other outgoing that can affect how much you can afford.

They will also be able to advise on the best type of mortgage for you; whether that be a fixed rate, a variable rent or any other products that are available.

Remember at this time that you can always shop around to make sure that you are getting the very best deal possible. 

On-going costs

It isn’t just the initial costs that you will need to keep in mind when buying a property. You should also have a set budget in place to ensure that you can keep up with the monthly payments. 

Note down how much your mortgage is expected to be on a monthly basis and also add in the utility bills and taxes that you can expect to pay. 

Once you know how much your monthly costs are expected to be you can but in place a budget for any other costs that you may incur. 

Remember that money is likely to be tight for the first few months after you move in so try not to plan too many big events during that period of time.

We hope that this post helps you plan your first big move; no matter how stressful it seems to be we recommend that you try to enjoy every moment as much as you can! 

Ongoing costs 

Once you have moved in, it’s important to have a budget in place that takes into account the mortgage, bills and other outgoings. Also, don’t forget to start saving so that you can cover emergency and maintenance costs as they arise.

Money will be particularly tight during the first month or two after moving in. However, if you stick within a budget, things should start to get easier at time goes on.

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