Potential first-time buyers planning to purchase property this year have received advice from the country's largest mortgage lender.
Halifax says that first-time buyers should work out a budget with the help of a mortgage adviser in order for them to calculate how much they will be able to repay every month.
An online calculator on the mortgage lender's website could help first-time buyers calculate an approximate amount, while a free budgeting service is also available.
First-time buyers are also advised to research the housing market to help them get a clear idea of what they could get for their money.
The mortgage lender says first-time buyers should broaden their horizons when searching for the perfect property.
Halifax says that first-time buyers could save money through buying a property that is in a less fashionable area.
Similarly, they should pay less attention to the aesthetic appeal of a property as long as the building is structurally sound, the mortgage lender says.
Finally, Halifax says first-time buyers should try to save up for a big deposit in order to minimise their mortgage repayments.
The mortgage lender says that it is better for first-time buyers to build up their savings until they can afford to put down a sizeable deposit which would make their mortgage repayments more manageable.
First-time buyers get advice from mortgage lender
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First-time buyers get advice from mortgage lender
Thu, 16 Mar 2006
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