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First time buyers – what you need to know

Written by Ipswich Building Society

9 Jul 2018


First time buyers

3 min read

Buying your first home is an exciting experience. Before embarking on your adventure to becoming a fully fledged homeowner, there are some things you should bear in mind:

It’s not all about the cash

If you’ve been looking into buying your first home then you’ll know that you need a deposit before you can get a mortgage, and make extra allowances for any fees or charges you’ll need to pay. But there’s so much more to buying a home than just the money. Think about where you want to live and what sort of home you can make your own. What are the local facilities like – are the schools suitable? What about transport links? Garage, private or on-street parking? Choosing the right home can take time and you should consider what you really want when thinking about your new abode.

…but cash IS important!

Perhaps you’ve saved a decent sum by yourself or with a partner – or maybe you’ve enlisted the Bank of Mum and Dad (or brother, sister, grandma or grandad!) to help you find that precious initial deposit. Whatever the source of your funds, it’s important to find a home that you can afford and a mortgage that works for you. Consider how much money you want to put down on the house initially – a bigger deposit may mean a lower interest rate, but also potentially means you take longer to get on the property ladder. You should also think about the quality of the property and how much work it might need, if any, and how much it would cost to get it up to scratch.

Many different ways to pay

Mortgages can be confusing, and it can seem like there are too many different options to choose from – whether it’s the interest rate, the term length or the basis on which it is repaid. Whatever your circumstances, its important to get a mortgage that fits your own individual needs. That’s where we come in! At Ipswich Building Society we offer free, no-obligation mortgage advice through our team of Mortgage Consultants. If you’re looking for a mortgage with us we’ll do our best to find the right one for you. And what’s more, all of our applications are manually underwritten by our in-house team of experts – perfect if your circumstances are a little unusual and you’re looking for some added flexibility.

So give us a call on 0330 123 0723 or send us a message and we’ll be in touch to help you achieve your dreams. 

This article was published under our previous name of Ipswich Building Society. We changed our name in 2021 – find out more.

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