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Tips for first time buyers

Affordable mortgages have been difficult to come by since the credit crunch struck in 2008, but research by property website Rightmove estimates that many brave youngsters are about to embark on what may become their life's biggest financial commitment.

If you’re thinking of dipping your toe in the murky waters of property buying next year, here are some quick tips.

Be careful how much you borrow – it should always depend on how much you can afford. Try not to borrow the maximum you possibly can because interest rates can and will go up.

A home will inevitably cost more than you think. Fees, or percentage of loan charges are often added to deals, so be careful!

Be methodical when looking at the home you’ve selected. View it with someone you trust. Ask the seller how much the council tax is and whether there are any service charges.

When the time comes to bid , be careful with your first offer. Work out where you want to finish before you start. If your initial offer is turned down, add £1,000 more at a time until you reach an acceptable price with the sellers.

And if you think you’ve got a lot of competition for the property from other buyers, try to act quickly.

That’s it. Happy buying!

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