If you are like most first time buyers, you'll be trying to save up the deposit required to buy your first home. After all, it can be expensive enough just paying for your day to day living expenses. The minimum deposit depends on who you arrange your mortgage with. It's usually between 5% and 10% of the property's value. While there are some lenders who don't ask for a deposit (often called 100% mortgages), the interest rate you will be charged can be higher, as lenders consider it a greater risk.

If you can put down a bigger deposit, you might find you are offered a better rate of interest. Plus you could avoid paying a higher lending charge (this is the fee charged by some lenders to protect them in case you can't keep up the repayments on your mortgage).

On the subject of fees, don't forget all the other upfront costs involved in moving when you work out the size of deposit you can afford.

 

Making an offer

Brilliant, at last you have found the home you truly want.

Make your offer verbally, unless you are told to put it in writing, then hold tight.

Your offer will either be accepted, rejected or you'll have to wait until other potential buyers have made their offers. Be prepared to negotiate if they do. If a property has been on the market for some time, you might find your offer is accepted quickly.

Your offer hasn't been accepted?