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What does a first time buyer need to buy a house?
#1 · 03/07/2020, 5:41 pm
If you are a first time buyer, you will need the following to proceed to buy a house:
- You will need to show proof of your income and outgoings, such as household bills and other living costs.
- You will need to evidence your financial profile, such as bank statements, payslips or profits of your business if you're self employed.
- A deposit of at least 5%, but the higher the deposit the better the chances of securing a better mortgage rate deal. But you may be able to apply for the Government Help to Buy Scheme to top up your deposit.
- Money to pay for the stamp duty on the purchase together with the cost of legal fees and survey costs.
- A solicitor to conveyance the deal.
- To arrange a mortgage, but it's a good idea to an secure an agreement in principle from the lender to speed the buying process up further down the line.
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