Purchasing your first property is a huge and exciting step. Whether your budget stretches to a starter home or a country mansion, it is important to do your sums and account for the true cost of buying your first home. This will save you any unexpected surprises further down the line, allowing you to stay within your means when buying property. As well as covering the purchase of the property itself in the form of a deposit and paying the mortgage, you also need to budget for other essentials like a solicitor and stamp duty. Here’s what you need to look out for www.openvisionfinance.com:

  1. Deposit

The first thing you need to consider when buying a property is a deposit. First time buyers are commonly getting on to the property ladder with the assistance of a gifted deposit or their own savings.  The minimum deposit required is 5% of the property value.

  1. Valuation Fee and Independent Survey Fee

When your offer has been accepted on the house you wish to purchase, the lender will carry out a property valuation. This is to make sure that the house is worth what you are paying and is suitable security for the lender i.e. no structural damage.  The cost of this will vary depending on the chosen lender.  A mortgage survey is a mandatory part of the process and is for the benefit of the mortgage lender only and an independent survey for yourself will be recommended.  You will therefore need to ensure you budget for the mortgage survey and your own survey if you so wish. For more information about the optional surveys please visit Open Vision Finance website.

  1. Mortgage Fees

When applying for a mortgage there are some upfront cost to consider, many mortgages come with an application fee and booking fee payable. The fees will vary depending on the lender chosen.

  1. Solicitor’s Fees

The legal aspects of the purchase are handled by a solicitor. Their cost will include their own legal fees, local authority searches, stamp duty land tax and any other searches required. The fees will vary depending on the purchase price of the property. Open Vision Finance have an alliance with solicitor firms and are able to obtain a quote on your behalf.



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