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Are You a Property Virgin?

 So you’ve been holding hands with rented flats and letted houses and now you have decided to go the next step. You are ready to let go of your inhibitions and buy your first home. Naturally you are cautious and scared by those stories of the first time being painful, with being stuck at the wrong end of a property chain and the tales of ‘that one that got away’, it is easy to be confused about your emotions, but never fear Property Virgins are here to help you to take that first step on the property ladder.

 Step One: know your facts! 

• Did you know that in Britain half of those in work are priced out of the property market?
• Did you know that interest rates are the lowest they have been since 1976?
• Did you know that the average price of a house in Britain is just under £200,000?

Step Two: know your budget!

• To find out what amount your mortgage will be you need to get quotes from a number of mortgage lenders.
• Once you have found out how much you can borrow, ask your mortgage provider for an, ‘agreement in principle’ that will confirm the mortgage amount that they have quoted you.
• For a rough guide to how much you will be able to borrow use the following:

If you are single – 3x your annual salary

If you are a couple – 2 ½ x your joint salaries 

• Remember that your mortgage amount is dependant upon the size of your deposit as well as your salary.
• Shop around for the best deal!

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is relaunching march 2007