Working out what you can afford
This should include upfront costs like your mortgage arrangement fees, stamp duty, surveys, solicitor’s fees and land registry fees. You may also want to factor in your deposit and the cost of running your new home, plus any furniture or appliances you will need to buy in the first few months.
Unless you’re lucky enough to have the money to buy your house outright, you will need to apply for a mortgage. The actual amount you can borrow will depend on your income, credit history, outgoings, and whether you are buying on your own or with others.
Ultimately, this will come down to how much you can afford each month and finding out how much you need to live on is a good place to start. In a nutshell, this involves writing down your income from work, savings, child maintenance and any tax credits or support you receive. You can then make a note of your outgoings, including utility bills, loan payments, insurance, mobile phones, gym membership, transport and shopping.
This simple exercise should give you a rough idea of how much you can afford to repay and will be invaluable when you come to choose a mortgage and a home.
Costs to consider:
If you’d like a hand calculating your budget, or would like to find out how Persimmon can help you move in for less, please contact Persimmon and talk to one of our advisors.
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