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Buying your first home is a very exciting time in your life however it can  also be  very daunting . Here is some advice if you are considering taking the plunge and buying your first home.

  1. How much deposit do I need ?

Before starting to look at properties, you need to start saving for a deposit. Generally, you need to try to save at least 5% to 20% of the cost of the home you would like, so if you want to buy a home costing £150,000, you’ll need to save at least £7,500. Saving more than 5% will make it easier for you to apply for a wider range of cheaper mortgages.

Take a look at the Government ‘Help To Buy’ schemes. These can help you make it to that deposit.

2. Make sure you can afford your monthly repayments !

As a first-time home buyer, the most important thing to bear in mind is whether you can really afford to take this step. It’s wise to put together a budget before you start looking for a property.

There are now strict checks when you apply for a mortgage. Lenders will check that you can afford the mortgage and also ‘stress test’ your ability to make your payments if interest rates were to rise or if your circumstances changed, such as possible redundancy or having children.

As part of the mortgage application process you will need to show the lender evidence of any outgoings, and prove your income.

There are many mortgage calculaters available to help you calculate how much you can borrow.

Ive included a link below

Mortgage Calculator

3.Budget for other costs of buying a home

Apart from your monthly mortgage payments, there are other costs associated with buying a home. These include:

  • Mortgage arrangement and valuation fees
  • Stamp Duty (or Land and Buildings Transaction Tax in Scotland)
  • Solicitor’s fee
  • Survey cost
  • Removal costs
  • Initial furnishing and decorating costs
  • Buildings insurance

4.Affordable schemes to get on the property ladder

There are a number of government-backed schemes aimed at giving home buyers – and movers too – a helping hand onto the property ladder.

If you are able to use one of these schemes, lenders will still ensure that you can afford to pay your mortgage.

You can find more information here … Help To Buy

5.Finding a mortgage

There are many different mortgage deals to pick from, so choosing the right one for you can be tricky. It can depend on a number of factors, so it’s a good idea to do some research and talk to experts such as mortgage brokers.

We have an in-house mortgage advisor, Rob Brindle, if you would like us to help you with this one

6.The application process

Whichever mortgage you apply for, your lender will want to know that you can make payments if interest rates rise or your financial circumstances change.

You will need to prove your income, and show the lender evidence of any outgoings, including debts, household bills and other living costs such as clothing, childcare and travel costs.

To prove your income, you may have to produce payslips and bank statements. If you are self-employed you could be asked for tax returns and business accounts prepared by an accountant.

7.The home buying process costs explained

Understand the process from beginning-to-end and the costs you’ll need to pay for along the way:

Head or heart ?

Well what can I say about this. You will always just get a feeling when you walk into a property, you will know whether it feels right or not. Some people fall instantly in love with a property  and for others it will grow on them. Ultimately you will just know when it feels right.

My advice for this would be 50/50.

There has to be that gut feeling however my 50% head would say don’t over reach yourself. Its all very well having a lovely home but if your stuck in it 24/7 because you have no money left to enjoy life you will soon get fed up.

Its all about getting the right balance. There’s that special home out there for everyone.

Good luck and happy house hunting!

Useful Links :

Money Advice Service – Costs In Buying A House

Great money timeline here explaining what you will need to pay and when

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Post Brexit House Prices – Impact in Salford

According to online publication ‘The Week’ the predicted slump in house prices is taking its time to show up nationally.

Even if there is an impact, Eccles, Monton, Swinton and surrounding areas are unlikely to be affected.
Salford is enjoying a surge of popularity as people are becoming aware of the availablity of decent housing at good prices, along with good schools ,great transport networks…and some fabulous parks and country walks

We have yet to see any drop in house prices locally, with specific areas, such as Monton (‘Monton Carlo’) continuing to increase in price.

The surrounding areas of Monton are becoming increasingly popular with people who are unable to afford the village itself i.e Winton, Peel Green, Swinton, Salford 6 and these are all good places to buy

Monton Lighthouse
Monton Lighthouse



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Could you save money with the new Stamp Duty changes?

Here at Padgett’s we think the news about Stamp Duty changes is exciting news because from today buyers of property should be able to save themselves some money.

Just in case you’ve never bought a property before, within this blog post we will briefly explain what Stamp Duty is and how it may affect you. Continue reading Could you save money with the new Stamp Duty changes?

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Supporting Key 103’s Cash for Kids at Christmas – We’re In!

Cash for Kids

The nights are drawing in, and our minds are turning toward the festive season – but sadly, Christmas time can leave a lot to be desired for some families in Manchester postcodes, including Salford. This is why we are helping Key 103 Cash for Kids – Mission Christmas. To learn more about how we are getting involved and how you can too, read on. Continue reading Supporting Key 103’s Cash for Kids at Christmas – We’re In!

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Bonfire Night Celebrations in Monton, Eccles and Salford

bonfire night salford

Hi there!

We’ve been a bit quiet on the old blogging front lately here at Padgetts – we’ve had a lot going on in the background (selling houses, that is), but it’s Bonfire Night and it seemed like as good a time as any to rejoin the world of social media… By sharing information on enjoying Bonfire Night celebrations in Monton, Eccles and Salford. Continue reading Bonfire Night Celebrations in Monton, Eccles and Salford

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Testimonials… what our Customers say about us….

A few things people have to say about us

“Thank you for finding our home !”   From James and Jenna
Thank you for your support re: my house move !
You made a stressful time less stressful

We would like to thank ALL the staff for their advice and help with our recent purchase and lettings. You are all truly, a very efficient, helpful and most of all, professional team, Thank you

Hazel and Allen


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And The Winner Is !! …….Easter Egg Competition 2014 .. Results

Well… we didn’t expect quite such a great response to  our competition!

We were absolutely blown away by the quality and variety of the entries, we LOVED them all.. Choosing a winner was much much harder than we thought !…. took us ages ..and lots of consulting with each other !

… it really was very very tough.  BUT .. pick a winner we did..

Continue reading And The Winner Is !! …….Easter Egg Competition 2014 .. Results