How much can you afford?
Getting advice on the best mortgage
Independent financial advice can help you to get a mortgage that suits your needs. Work out how much you can afford and what your monthly repayments will be, before starting to search for a property.
You can find independent financial advisers by searching websites such as Unbiased.com. We do not recommend providers but if you want to check that an adviser is properly regulated, go to the Financial Services Authority's register.
If you cannot afford to buy, you might get financial help through a home ownership scheme.
This tool quickly calculates the likely monthly repayments on a mortgage. You can see the impact of interest rates increasing, to ensure you will still afford repayments.
Fees and Land and Buildings Transaction Tax
When you purchase a home, in additon to solictors and agents fees, you will have to pay the Land and Buildings Transation Tax (formerly Stamp Duty) - if the price exceeds £145,000. The Money Advice Service has provided a handly LBTT calculator.
It is important to consider other home-ownership costs. You are responsible for repairs and maintenance. Homeowners should save an estimated £1,000 a year towards general upkeep - over £80 per month. You will need to plan for more long-term repairs, as well. Windows last 10 to 15 years and roof tiles need overhaul every 20 to 30 years. Your mortgage may require you to have Buildings Insurance.