First Time Buyer Q&A

Are you looking to buy a home for the first time but not sure where to begin? We spoke with Patrick Forrester, Branch Manager at haart First Time Buyers in Colchester who provided some answers to the mostly commonly asked questions among first time buyers.

“How much money do I need for a deposit?”

Depending on the price of the property, the deposit required can be from as little as 5%.

“What other costs are involved?”

Other than a deposit, other costs that should be accounted for are stamp duty and legal fees.

“How long does a property purchase process take?”

It usually takes between 4-12 weeks, dependent on the chain.

“Can I secure a mortgage if I've got poor credit?”

There are some bespoke lenders that may be able to do this for you, but for the best chance possible we advise that you look at ways to improve your credit rating. Some haart branches do have Mortgage Brokers from Just Mortgages in-branch who can discuss it further.

“Where’s the best area in Colchester to buy in for best future resale?”

I believe the best area to buy in Colchester would be somewhere within short distance to the train station, or close to the town centre.

“Do I need to pay the estate agent fees when finding a property?”

You only need to pay an estate agent when you enlist their services to sell a property.

“Is there a chance I could get gazumped after I've already had my offer accepted?”

Sellers choose which offer to accept, however sometimes offers are made subject to the property being taken off the market. However some sellers may choose to allow the property to continue to be marketed.

 Are there any questions you have that haven’t already been answered here? Tweet us @haart_uk!