It is important to be realistic when assessing how much you can afford to borrow for your new home. Using a budget planner can help you make sure your mortgage payments are manageable alongside your other financial commitments.

When choosing a mortgage, you can see which products you may be eligible for based on the size of your deposit in relation to the mortgage’s loan to value ratio (LTV). For instance, if you are looking to buy a home valued at 100000 pounds and you have a deposit of 5000 pounds, you would need to borrow 95 percent of its value. Generally, putting down a larger deposit can enable you to access more competitive mortgage rates.

Some properties may require repairs or improvements, even if they are new. Older homes may need extensive work, such as new flooring, tiling, or updated wiring. These expenses should be taken into account alongside the price of the property and additional fees, including conveyancing and stamp duty.

Consider bringing an experienced home buyer with you when you view a property. They may be able to identify issues or details you might miss.

If you have been living with your parents, remember to account for ongoing expenses in your budget, such as council tax, utility bills for gas and electricity, boiler maintenance, and repairs around your new home.

It is a good idea to check the likely council tax charge for your new property. The selling agent should be able to tell you the current council tax band for the home you are interested in and explain how the payments are made to the local authority.

Keep in mind that a mortgage is a long term financial commitment. There are many different mortgage products available, and it is important to select the solution that best fits your financial situation and future plans.