Buying a Home in Wales

Guides - Where Do You Begin - Buying Mistakes - The Right Mortgage Finding The Right Mortgage Buying a home may be the largest single investment you will make in your lifetime. Below are some hints and tips that can help you understand the process a bit better. How much can you afford? Mortgages How much can you afford? The price of your new house or flat is just the beginning of the costs involved in purchasing a new property. If you take out a mortgage, then you must add interest into the equation, which can be a significant sum. On top of that, you have the following fees that need to be paid: *Costs Approx costs £100,000 property Solicitor's fees £900 Searches £25-150 Land Registry £80 Solicitor's disbursements £35 Lending source's solicitor's fees £300 Mortgage Indemnity Guarantee £1,400 Lender's valuations £160 Survey fee £300 Buildings insurance £200 Removal firm £300 Decorating expenses   Furnishing     Mortgages Mortgages come in all shapes and sizes these days. And lenders are giving birth to new types every year. Generally, mortgage lenders will lend you about three times your annual gross salary. If you are buying with a partner, then they may lend you an extra amount equivalent to one times his or her annual gross salary. The common rule of thumb is to spend no more than one-third of your monthly take-home pay on mortgage repayments. This is a big commitment when you consider that most mortgage terms last about 25 years. You may wish to seek advice from an independent financial advisor or from your estate agent about the best mortgage package to suit you.