Buying Property in the UK
In most cases mortgage lenders require you to put down at least a 5 per cent deposit based on the price of the house, before they will provide you the 95 per cent financing on the remainder of the price. So if the house you plan to buy is £100,000 you need a £5,000 cash deposit as a minimum. There are some lenders who will provide 100 per cent mortgages but you will pay higher interest repayments as a result, if you qualify. To find some good deals on mortgages and other finance options, visit www.thisismoney.co.uk. Also have a look at www.moneysupermarket.com where you can compare prices on mortgages, loans and lots of other financial stuff. If you are not sure about financial products, you may like to visit www.unbiased.co.uk where you will find a list of independent financial advisors operating in your area.
Other Costs to Consider
You pay Stamp Duty Land Tax on property like houses, flats, other buildings and land. This can be a hefty cost to add onto the cost of buying your house, and can't be overlooked.
You will also need to factor in solicitors' conveyancing charges which vary considerably depending on where your solicitor is located and where your home is located. To find an approved solicitor by the Law Society, visit www.lawsociety.org.uk
Research
As with most major purchases, make sure you shop around. The local newspapers provide local ads about property for sale and the Internet also offers lots of opportunities to see what's on the market. In all towns and cities you will find estate agents, where you can call in and register to be sent property details or just call in and make arrangements to view something you've seen advertised. All estate agents place 'For Sale' boards in front of the properties they are selling, with their office telephone number clearly visible.
The Internet also provides a convenient option when searching for property. At www.rightmove.co.uk you can research different areas of the UK and search what properties are for sale. They even provide you with a list of all the estate agents in all areas of the UK.
Property Prices
The cost of property has escalated considerably in recent years. In London you can expect to pay around £250,000 for a one-bedroom flat that's quite centrally located. Obviously the further out of central London you live, the cheaper it is and the more you buy for your money.
In most other major UK cities prices are greater than in outlying areas. The only exception is for idyllic country properties that usually tend to sell at premium prices - but again, the further from London they are, generally you get an awful lot more for your money.
