First Time Buyer

I'm a First Time Buyer - 
What Do I Need to Know?

First Time Buyer
Buying a house is one of the most important purchases you will make. At KIS Financial Solutions we know that buying a home for the first time can be an intimidating process with many questions needing answered... 
 
How much can I borrow? 
What will the repayments be? 
What fees do I need to pay? 
How Much Deposit will I need?

Our advisers will talk you through the financial aspects of the buying process and provide you with advice from the whole mortgage market to find you the best mortgage suited to your circumstances. 

Deposit
Currently mortgage lenders will lend up to 95% of the value or purchase price, whichever is the lower. This means that you will be required to put 5% deposit down. However, the more deposit you can produce the better deal lenders will offer. 

There are also other ways of getting help onto the property ladder and we can help you through it all

Help to Buy
Shared Equity
Shared Ownership
Gifted Deposits

How much can I borrow?
The majority of mortgage lenders will calculate how much they will lend based on affordability where they analyse your monthly income and expenditure. KIS Financial Solutions can obtain an accurate borrowing figure based on your circumstances. 

Solicitors
Buying your first property is probably the first time many clients have ever needed a solicitor. We will explain clearly, why you need a solicitor and what work they will do on your behalf. We can can provide you with quotes from a range of solicitors who offer very competitive legal fees, or you can choose your own. Either way we can help give you an idea with regard to the cost.

What is Stamp Duty?
This is a tax that you have to pay when purchasing a Residential Property or Land.

If you’re a first-time buyer in England and Northern Ireland purchasing a home for £300,000 or less you’ll be exempt from stamp duty altogether. Over £300,000 stamp duty tax will be payable. We can advise you regarding this.

There are other things to consider aswell such as what type of survey? What's an EPC? Take a look at our Useful Guides for more detail on these.

We could go on and on, but the best thing to do is give us a call and we can arrange to meet up and guide you through it all.

What to do first?
The first thing we suggest you do is look at your credit file. This is an important starting point, as it makes sure we place you with the right lender first time. We recommend Checkmyfile as it looks at all of the four credit files that hold details about you. Checkmyfile offer a free 30 day trial and then charge £14.99 per month. You can cancel at any time and if you cancel within the first 30 days you will not be charged.

checkmyfile
Once you have your credit report from Checkmyfile , give us a call so we can discuss how you wish to move forward. Whether you want to meet up face to face, or whether you would rather fill in a questionnaire, so that we can provide you with quotes before we meet up. 
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