Determining your budget
Before you can start doing the exciting bit – looking for your new home - you need to have a good idea of how much you can afford to pay for it. This will be based on a number of things:
- current house value - how much is your house worth?
- what can you afford to borrow? - including the value of any investments or savings that you wish to use
- hidden costs - such as solicitor's and estate agent's fees, Stamp Duty, removal costs and any mortgage fees you may have to pay.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
