There may be many steps you will have to go through in order to buy your first home. Do not let it be a daunting task. A few simple tips can help you get started and ensure a smooth process up till buying. First you will need to set aside some money for a down payment or a deposit. 10% is usually sufficient.

Next you will need to research the housing market in your neighborhood or wherever you wish to purchase a home. Don't buy until you decide which is the right home for you. Getting a lawyer may help this process.

Finally, keep some savings on hand for any fees or extra or costs that may come up. In mortgage lending, there's always something. £2,500 or a few thousand is a good amount. Don't forget get about getting an appraisal done and get homeowners insurance. All in all, these tips for buying a first home should help the process go smoothly.

Key Takeaways:

  • Save up for a deposit! A lot of mortgage lenders require you save at least 10 per cent. The bigger the deposit, the cheaper the mortgage deal.
  • Make sure you shop around to find the best mortgage for you.
  • Research the market in great detail, you may have to look into many different places before you find the right home for you.

Key Quote:

"Make sure you buy insurance for the property, to protect your investment into your new purchase and for your mortgage lender. Oh and don’t forget to move in!"

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