Teaching and Learning

Buying your own home

Unless you have rich and generous parents buying a house means getting a mortgage, or in other words a big loan. If you are thinking of buying your own home, particularly if it’s for the first time, you need to think about your options carefully. Buying isn’t necessarily the best option for everyone. If you are thinking of buying, you should consider the costs involved, as it is probably the most expensive purchase you will ever make. It’s a long-term financial commitment and you will need money coming in regularly. You have to pay a number of fees and other expenses before the sale is final, and have to make regular repayments (usually monthly) after you move in.

You need to bear in mind that your monthly repayments may increase considerably if interest rates rise.

Once you have found a property you want to buy, the sale usually involves:

  • Step 1 – making an offer
  • Step 2 – getting a valuation if the seller accepts your offer
  • Step 3 – getting a survey or homebuyers report
  • Step 4 – doing the legal preparation (conveyance)
  • Step 5 – exchanging contracts and paying a deposit
  • Step 6 – completing the sale and moving in

 Buying with other people

If you buy a home with another person, you need to decide how you will share ownership of the property. The decision you make will affect the rights you have if one of you dies, your relationship ends or one of you wants to leave.

Home ownership schemes

In some areas there are schemes that can help make home ownership easier to afford:

The UK Government’s  supports mortgage lending up to 95% of the purchase price so maybe useful if you want to buy a house but don’t have a large deposit.

The Housemate Pack has activities on buying a home.

For more advice and support, click here to visit the Welsh government website.
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