Buying Your First Home in Norwich

28/12/2018

A new year and for some of you that means getting your foot on the property ladder. Buying your first home can be overwhelming, there’s so much to think about, but you’ll be pleased to know that there’s plenty of help along the way.
The first thing you need to do is to commit to the decision you’ve just made to buy your first home and then the next thing to do is to make it happen!



Norwich has some excellent properties for first-time buyers, from riverside apartments, Norwich city apartments, and even affordable small homes suitable for a first-time buyer budget.



Let’s break the home buying process down for you, so it’s not too overwhelming.



Deposit
You’ll need a deposit and the larger, the better. The minimum you can have is 5%, once you have that or more you can start making friends with mortgage lenders.



Help-To-Buy
As a first time buyer, you can make use of the government Help-To-Buy scheme where your savings can be boosted. This scheme allows you to borrow 20% of the purchase price interest-free for the first five years! You still have to have a minimum of a 5% deposit.



House Hunting
The fun part is house hunting but before you invest too much time in this activity sit down with a pen and paper first. It’s good to get focused on what you want, need and what you’re willing to compromise on. Some of the things you need to consider will be location, type of dwelling, amenities, commuting etc.



The Property
You have your list with your focus points, and now it’s time to choose your property. Your first point of call is probably Rightmove or Zoopla; then you should contact us at abbotFox. Our property advisors are at hand to offer knowledge on locations, streets, properties etc. They will even drive you to viewings in one of their customer courtesy minis.



Mortgage
The bigger the deposit you have the more access to competitive mortgage rates you’ll have too. When applying for mortgages keep in mind that lenders can conduct a hard check or a soft check; a hard check will affect your credit score so make sure to ask which one they’ll be doing.
abbotFox can help you with any mortgage questions you might have.



Exchange
You’re nearly the proud owner of your new home; the last part is to exchange contracts. This is where you sign a contract, the seller also signs a contract, then the contracts are swapped, and that's when you and the seller sign again. In-between exchange and completion it’s natural to pop a bottle of bubbly and make a toast to the future, there is no backing out now if you do there will be significant penalties to pay.



Completion
Once all the final checks are done, the seller's solicitor will receive the funds and confirm completion. The next part is the exciting part; it’s when you get the call to collect the keys to your new home!

Are you looking to buy your first home in Norwich? Let us help you:

Call us on 01603 660000 or leave your CONTACT DETAILS HERE and we will call you



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