Additional information

Use the budget planner below to work out an affordable monthly repayment figure:

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How much can I borrow?

Your lender can give you an Agreement In Principle that will provide an idea of how much they'll lend you. This is based on your earnings and your outgoings. To get an idea of how much you could borrow visit How much can I borrow?

The costs involved in buying your first home

This checklist gives an idea of the one-off costs involved in buying your own home. It's only a rough guide - figures will vary by lender and where you live.

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List all the things you think are important to you. This checklist may help:

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• Register with as many as possible.
• Keep in contact with them.
• Don't feel pressured to use their financial services.
• The internet can be a great tool for finding houses.
• Remember that estate agents are working for the seller.
• By law they must disclose any problems with the property or disputes with neighbours.

Be prepared to haggle. Estate agents often receive offers for properties lower than the asking price, and sellers often ask a lot more for the property than it is worth.

Before you do anything find out if the asking price is realistic. You can do this by:

• Comparing the asking price with similar properties in the local market
• Asking how long the property has been on the market
• Asking the estate agent if they are the sole agent. If not, then it is likely the property may have been on the market for a long time.
• Asking about the level of interest there has been in the property
• Asking if previous sales have fallen through
• Asking if there have been any problems found on previous surveys
• Confirming what the asking price includes

Remember - being a first time buyer places you a better position than other buyers, as you will have no house to sell.

Once you have found the home you want, it is important to arrange your mortgage as soon as possible, as it can take several weeks.

What type mortgage is right for me?

Insurance

You'll also need to take Buildings Insurance as part of the conditions of taking your mortgage

Also think about contents insurance, life insurance and payment care. Further information is available on abbey.com

The solicitor (or licensed conveyancer) you choose is up to you, but it is worth approaching a few so that you can compare prices and services, since they can often vary quite a lot.

Your solicitor will arrange:

• A Local Authority Search - This will show if any nearby land or road developments are planned, and whether they'll affect your home.
• Drawing up and exchanging contracts - Contracts are drawn up after any enquiries concerning your property have been answered. One important thing to remember is that once contracts have been exchanged, you're committed to buying the property and you will then be expected to pay your deposit via your solicitor.
• The Transfer Deed & Stamp Duty - The Transfer Deed names you as the legal owner of the property with the Land Registry. Your solicitor will take care of this, and will then forward it to your seller's solicitor before completion. The Deed will register you as the owner of the property, and will also name your mortgage lender as the finance provider.
• Completion dates - Your solicitor will agree with you a completion date (the day when you get the keys and the property is yours).
• Land Registry - Your solicitor will register your ownership on the Land Registry database.
• Title deeds - These will be sent to your mortgage lender by your solicitor who will then hold them as security until you have paid your mortgage off.
• Exchange of contracts - When the contracts for the sale and purchase of the property have been drawn up, agreed and signed, you can exchange contracts. At this point your solicitor will ask you for the deposit. Then you and the vendor can decide on a completion date that suits you both.

Buying with others?

If you are buying with one or more friends, there are questions you need to ask. For example, will you own the property in equal shares? Who will be responsible for outgoings? What will happen if there is a dispute? Your solicitor will be able to help you arrange a suitable contract to cover these issues.

Once your offer has been accepted you'll have to get the property surveyed. This is a condition of the mortgage. There are two sorts of survey.

A basic valuation - A brief inspection of the property's value and suitability for a mortgage.

A structural survey - a more in-depth survey, which may uncover any potentially expensive problems. With this type of survey the surveyor will give his opinion on the value of the property..

A mortgage offer and conditions will be sent to you by your mortgage lender. Make sure you read these fully before proceeding with the sale. Contact the mortgage supplier by phone to clarify anything. If you have any questions, feel free to ask them.

The Royal Mail can redirect your post. It doesn't cost much and could take much of the hassle out of moving. Visit www.royalmail.com.

In addition, check out http://www.iammoving.com/ which will notify up to 2000 companies of your change of address. It's free and it's worth a visit.

Also it's still worth writing a change of address checklist. Amongst other things it could contain:

• Family and friends
• Employer
• Schools
• Banks and building societies
• Electricity/water/gas suppliers
• Telephone and mobile provider
• Doctor/Dentist
• DVLA
• Council tax
• Credit card/Store cards
• Hire purchase/loan companies
• Insurance companies
• TV licence
• Internet provider
• Magazine subscriptions

Organise essential services

You'll want your new place to be connected to water, gas and electricity, so make sure you close down any old services accounts in your name and set up new ones for the new property. Take meter readings as soon as you've moved in and inform the service providers so that you're only charged for what you use.

Completion will be pre-arranged and will occur once you have exchanged contracts. Once your solicitor has completed your purchase you can collect your keys from your estate agent.

Congratulations! You have now made it onto the property ladder!