If you are thinking of purchasing your first home, and taking your first step onto the property ladder, your head will be spinning with the amount of advice you will come across for first time buyers.
Everybody purchasing a house before you has experienced the same things, so you can take some comfort in that. If you know someone who has recently purchased a house, whether it be for the first time or not, it can be an idea to get some advice in simple terms from them.
Unless you are a person with substantial means, you will likely be looking to purchase your house using a mortgage. Often first time buyers do not have any money saved which they could use as a down payment, or deposit. This means that they will be borrowing 100% of the value of the home, and obviously repayments are going to be higher. If possible, it is always better to purchase a house using the biggest down payment you can afford, thus reducing your monthly repayments.
A 20% down payment is the threshold at which you’re exempt from private mortgage insurance, which can add a few hundred non-tax-deductible dollars to your monthly payment.
If you cannot afford a deposit or down...
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