In general the two main options
you have accommodation wise when you graduate are:
renting accommodation or
Buy your first
a home for the first time can be very daunting. Here we
summarise moving in 5 steps.
out how much you can borrow. The amount you can borrow will
depend upon what you earn and other outgoings. The nominal
mortgage allowance is 3 - 3.5 times your annual income.
It is important to find out what your Mortgage will mean
in terms of monthly repayments ( a mortgage of £60,000 will
have a monthly repayment of roughly £400).
right mortgage. It is important to consider all the Mortgage
Options available on the market. As well as this summary
advise can also be obtained from mortgage advisers based at most
high street Building Societies, Banks, or Estate Agencies.
a House. It is now time to search the many Estate agents.
You can either do it the old fashioned way by walking the
streets looking in every Estate Agent's windows, or search
the Web on one of the many ON-Line Agencies.
a Solicitor. Once you have found a house it is time the get the
process of buying it underway. Getting a Solicitor is very important,
and yes you must have one. They arrange the legalities of buying
the house. It is important to search around for them as their
fees do vary. A solicitor who charges fixed fee is advisable,
most do nowadays, as paying by the hour can be painful. The Solicitors
job is to organise the governmental documents and arrange with
the Council your new purchase. They liaise with the Estate Agent
so it is worth asking the Estate Agent if they recommend any;
as a good relation between Solicitor and Agency can help things
go smoothly. The end Solicitors fees can end up well over £1000.
However this would include the Professional Fees and the
standard costs of buying a house, HM land Registration Fees, Local
the Deal. Most of the final arrangements are in the hands
of the Solicitor. They should keep you up to date with the
deal allowing you to get on with the moving in arrangements.
Then all there is to do is move in.