Buying your first home can be an extremely daunting prospect for anyone. The aim of this guide is to give a clear overview of the process, what it involves, and to give you some helpful tips along the way.

Nobody who is buying a home for the first time is going to be an expert and there will be unforeseen complications along the way.

But, here at Welcome Home, our aim is to help you keep any complications to a minimum and to give you a level of understanding that will help you in your quest to purchase your ideal first home as easily as possible.

Things covered by this guide include:

• Working out what you can afford
• Getting a mortgage agreement in principle
• Choosing your home
• Hiring a solicitor
• Make an offer
• Get a survey and valuation done
• Legal work
• Getting life assurance
• Finalize your mortgage and exchange contracts
• Organizing the move and the finalization of contracts

Working out what you can afford

Houses are expensive; buying a house is also a potentially expensive process with one off costs coming in at around £2,000-£5,000 on top of the price of your new home:

• One off costs include a possible mortgage arrangement fee and lender valuation fee although both can be waived depending on the perks of your chosen lender. But if payable they will set you back a couple of hundred pounds.

• Surveys can also be an expensive business, usually between £250 and £500. However, for an old property a more comprehensive structural survey may be necessary and it can cost in excess of £1,000.

• The there are legal/conveyancing fees and search fees (it is wise to shop around as rates vary quite considerably), stamp duty (which usually comes in at around 1% of the property’s selling price and is payable for properties above £120,000) and if you are selling a property yourself, the estate agents commission for the sale of your own property.

• Other costs include the inflated phone bills, travel costs, loss of earning and any other expenses.

• Insurance costs must also be considered along with any removal/installation costs once the move is finalised.

• Land registry transfer will also set you back anything between £40 and £800 depending on the value of your property.

These costs must of course be budgeted for, along with the costs of any potential work on the house that might be necessary. A house that needs a new bathroom for example is going to end up costing you a good few thousand pounds more than the price you agree with the current owner.

So then, to calculate your price range you must take the following into account:

1. The income from any pending sale of a current home
2. The amount you are able to borrow (a lender or mortgage advisor will advise you on the maximum you can borrow based on your income and the size of your deposit)
3. The amount of savings you have at your disposal
4. The amount of one-off costs

The total of the first three minus the last should give you a rough indication of your price range.

Getting a mortgage agreement in principle

At Welcome Home we know mortgages aren't always that easy. The vast number of different deals can make finding the right mortgage a daunting prospect. Fortunately, that's exactly where we can help.

Our mortgage section contains articles on the main types of mortgage, information on most UK lenders, various guides to getting a mortgage and even a handy calculator to give you an idea of monthly repayments.

WelcomeHome provides you with expert help getting a mortgage. This service, at no charge to you, is provided by either:

• A top UK mortgage lender, if applicable, with a range of highly competitive mortgages; 
• An FSA-qualified mortgage adviser, who can offer unbiased advice on the whole UK mortgage marketplace.

Have a look at the ‘Step By Step Guide To Getting Your First Mortgage’ to gain a better understanding of what to expect when getting a mortgage.