8 Feb

First-time buyers advised to stick to their budgets

First-time buyers advised to stick to their budgets

People looking to purchase a home for the first time have been advised to set a budget for the entire process and stick to it to avoid unnecessary stress.

Dan Clayden of independent financial advisers Clayden Associates explained that first-time buyers need to stop themselves from getting carried away.

"Before you go over budget, make sure that you take account of all the financial implications of house buying," he said.

This includes stamp duty, conveyancing and legal fees and home insurance, he added.

Mr Clayden made his comments as part of research carried out by Unbiased.co.uk, which compiled a list of hints for those making their first foray into property ownership.

Other suggestions for new homeowners from industry professionals included improving their credit rating by paying bills promptly and in full each month, as well as researching shared ownership schemes if saving a deposit is likely to be a challenge.

In news that could be of interest to existing homeowners, research released by moneysupermarket.com on February 8th revealed that those considering remortgaging could be better off with a tracker rate rather than a standard variable rate product.ADNFCR-1222-ID-19603761-ADNFCR

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