First time buyers
Buying your first home can seem daunting, but it doesn’t have to be. We're here to help you throughout the whole buying process and with no buying chains and access to schemes specifically for first-time buyers, you can actually find yourself in a great place to begin your journey.
Steps to consider when buying your first home
If this is your first time going through the home-buying process, it can help to see the process laid out step-by-step. We've done that for you in this handy guide, so that by the time you find your dream first home, you'll be in a good position to make that all-important purchase.
Working out what you can afford
Before you start looking for your dream home, it’s worth working out how much you have to spend, and how much you can realistically afford to borrow. Also check out the schemes available to help you.
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’ll need to buy in the first few months.
Find out how much you can borrow
Unless you’re lucky enough to have the money to buy your house outright, you’ll 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, then making a note of your outgoings. 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
- Mortgage arrangement fees
- Survey fees
- Land Registry fees
- Solicitors and conveyancing fees
- Your deposit
- The cost of decorations and furniture
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 speak to one of our sales team who can put you in touch with an independent financial advisor.
Mortgage process
If you're buying your first home, you'll most likely need a mortgage. This all begins with obtaining an Agreement in Principle, based on how much you can borrow and how much deposit you have. Then, you'll need to get in touch with a mortgage advisor who can help you work out the product that suits your needs best, and can get you the home you'd like. We delve into the first time mortgage process in this handy guide.
Looking for a property
Once you know the kind of property you can afford a mortgage on, it's time to get searching! There are so many factors to consider here - where is your ideal location? How many bedrooms do you need? What layout would suit you best? At Persimmon, we have developments at many locations across England, Scotland and Wales, so have a browse and see if we're building new homes in your area.
The new build buying process
When you've settled on the development, house type and plot that's perfect for you, it's time to reserve! From here, our friendly sales team will be on hand to guide you through the process. They'll keep you updated on your home as it's being built, book an appointment to choose your Finishing Touches, and help you with any questions you have along the way.
Stamp Duty
Stamp Duty Land Tax is an amount that the government requires you to pay when you buy a home in England or Northern Ireland (the Scottish equivalent is LBTT, or LTT in Wales). The amount you need to pay will depend on how much your home costs, and if you're a first time buyer you might be able to take advantage of a lower threshold. Read our useful guide to Stamp Duty for more information about the process, and how much you might have to pay.
Persimmon Schemes
One of the great things about new builds is the range of schemes and options available to help get you moving in a more affordable and stress-free way. You might be struggling to save a 10% deposit, in which case you could be eligible to receive a 5% deposit boost from us. Or perhaps Shared Ownership could be the perfect solution to get you on the housing ladder quicker. Whatever your circumstances, have a browse of our buying schemes to see which one could be right for you.
Buying with Persimmon
Hopefully now you have a good foundation for how to begin the exciting journey towards your first home. Remember we're always here to help, whether you have a question about a particular development, or need some advice around the buying process. Contact your nearest or chosen development to get in touch with us today.
Find your new home
