By Alan Cleaver

Property

Monday, 9 January 2012.

TWO hurdles probably scare first-time buyers more than any other: Working out whether they can afford to buy a home in the first place, and then the best type of mortgage from the myriad available. And just when they think it’s achievable, all those hidden costs such as tax, surveys and solicitor fees come over the horizon.

Fortunately there are a number of websites designed to take the fear and stress out of the situation. Perhaps the best place to start is the DirectGov website which explains clearly the types of mortgage available. You’ll find plenty of other advice on the site, plus there are links to other related sites such as The Money Advice Service. That site includes a number of useful online planners include a mortgage calculator, savings calculator, budget planner and the like. You’ll find a range of mortgage calculators on the web including a BBC one.

Also worth working through is the Minimum Income Calculator – take a deep breath first!

The BBC includes a number of pages on property and mortgages including one on Understanding Different Mortgage types. A very simple ‘How To Buy Your First Home‘ video is also online on the BBC site but be aware it is a little out of date now.

The trade body, The Council of Mortgage Lenders also includes a range of online material to help people understand mortgages and the steps to buying a home. Their range of mortgage guides include everything from mortgage insurance and buy-to-let. Full Article Continued ..........

Work out the best mortgage for yourself.