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Buying a property is an exciting time, but it can be a stressful too, that’s why Bothams is here at every stage of the process to help you.

Before your start on your home buying journey, here is some useful information about making the single largest transaction you will likely ever make.

Budget

The budget you set for the property you wish to buy will depend on a number of factors, such as:

  • You and/or your partner's salary/income
  • The equity in your existing property (if you have one)
  • The size of your deposit for your mortgage (if you need one)
  • Any outstanding debts or committed outgoings.

Mortgage

Before you begin your search for property to buy, it's worth discussing your requirements with your mortgage lender or financial adviser to determine how much you can afford. Most lenders will lend up to three times your salary. Some will lend you more, though often at a higher rate.

We can put you in touch with our recommended independent mortgage adviser if you do not have one.

Additional charges

As well as determining the value of a property you can afford, it's also worth remembering the numerous additional charges that you may incur as part of the property buying process.

Here are the main expenses you should be aware of:

  • Your deposit
  • Stamp duty
  • Solicitor's fees 
  • Lender's valuation fee 
  • Survey fee 
  • Removal costs 
  • Buildings and contents insurance 
  • Furniture and fittings

 

It may seem scary, but our expert team at Bothams is here to guide you every step of the exciting journey of buying your new home.