by Sam Fox
Here at Warrington Mortgage Centre, we’re very passionate about working with First Time Buyers, which is why we create FAQ videos and blogs to help you with the often ‘scary’ home buyer’s process, including how long it takes and what costs you need to budget for.
How long will it take to buy my first home?
This question comes with many factors, so we’re going to break it down so you can estimate how long your home buying process will take. It all boils down to what type of house you’re purchasing, if it is a new build off-plan this could take up to 6 months until it’s fully built, however, if you’re a First Time Buyer purchasing from a chain of houses, you could encounter a delay due to there being 6 or 7 houses that need to be completed before you can complete on yours. Typically, when you reach the stage of submitting your full application to finally holding the keys in your hand, you probably stand around 2-3 months.
Most of us do the natural thing – saved a 10% deposit (or 5%!) and assume we’re ready to go and buy our dream home, but unfortunately it doesn’t work like that! It’s important to start budgeting for other things such as:
• Solicitor costs
• Potential leasehold costs
• Property Survey/Homebuyers report
• Building Survey
• Products fees/lender associated fees you need to factor in as well.
To put it simply, if you’re purchasing a leasehold property for around £175,000, you should probably be budgeting for around £1400 – £1800 extra.
We hope you found this information useful! We local helping First Time Buyers on their journey – we’ve been there ourselves and know the stresses! If you seek further advice about first-time purchases or any other steps in home buying, then drop us an email [email protected] or give us a call on 01925 573328.
We also have free brochures available on our website for First Time Buyers and homeowners looking to remortgage.
*Disclaimer: As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage payments.
