First, it is critical to establish a budget before starting any property hunt. Consider contacting a mortgage adviser and getting an agreement in principle (AIP). Also, try mortgage calculators to see how much you can afford by yourself.
Typically, you need between a 5% and 20% deposit to secure a mortgage for a new home. Consider reassessing your spending and income when saving for a deposit.
Buying a new property includes many additional costs, such as conveyancing, legal fees, and even renovation. Note that property maintenance is also a considerable cost for current households, although new builds are far more energy efficient than secondary homes.
Buying new homes implies the availability of several buying options, like taking a mortgage, buying via shared ownership, the Help-to-Buy scheme (available until early 2023), and the First Homes Scheme.
