The interest rates have been near historical bottom for more than 30 years. Lenders who want to secure your mortgage over time are eager to secure your custom and provide exceptionally competitive packages for first time buyers. Existing home owners too are often eager to execute a deal with a first time buyer since your buying does not depend on anything else and hence the chances of the sale going through is very good. Should you set up an agreement in principle with a mortgage lender before you begin shopping homes you are considered a cash buyer and are in an solid negotiating situation.

The first action to acquiring your first apartment is to know the maximum amount you can loan. Financiers generally are agreeable on three times the first income or if you are acquiring as part of a couple, three times the first salary and the second salary, or two and half times the joint income. However it is at times likely to loan four or five times your income. You can apply bankers directly or you can engage help from a financial adviser. This is normally a free service to you and by using an expert who is experienced you may find the process less stressful.

When you realize the maximum amount you can loan be sure you are able to pay down the mortgage repayments, the costs associated in buying a apartment and the expense of running an accommodation.

Ready cash you will need to budget for when investing in your first accommodation encompass a deposit (normally 10% payable when the contracts are exchanged), stamp duty (1% if the house is between £125,001-£250,000; below this figure there is no stamp duty), an appraisal fee to your lender (variable depending on what type of valuation you choose), your legal costs including local searches and disbursements (around £500) and moving charges (variable depending on whether you use a removal company or are able to move yourself). Once you are in your new accommodation you are likely to need some cash for furnishings and decoration.

You will also need to be aware of the costs of owning a condo. These can change depending on your home and area. Necessary bills are council tax, upkeep, buildings and contents insurance, amenities (to include electric, gas, water and telephone). If the property is a flat or apartment then there may be service fees. In addition insurances such as accident, sickness, life are available though not obligatory.

Purchasing your first accommodation can be thrilling and a huge commitment. When you are prepared to make the big switch, then good luck! To find your new accommodation go to http://www.wheresmyproperty.com – the UK Property Search Engine listing around 900,000 properties from 1000s of estate agents.