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MORTGAGE MATTERS
I am about to purchase my first home and I’m really excited as I have wanted to get on the property ladder
for a long time. However, I am not clear as to which mortgage would be best for me. My friends who have recently bought their own properties recommend a fixed-rate mortgage, but I don’t know. Billy Watson FTB : We are pleased that you are buying your first property and we understand how confusing mortgages can be. It can be hard to budget, and it is important that you are aware of what you will be paying and when, so you can budget around it. A fixed-rate mortgage will stay the same rate for a set time, usually between two and five years, whatever happens to the base rate (which is set by the Bank of England). After that set time has passed, the rate reverts to the lender’s standard variable rate. You can then usually renegotiate this rate with the lender. This option is good as you will know exactly how much your mortgage will cost for that set period of time, and you can then budget your finances accordingly.
ADOPTION OF ROADS AND SEWERS I am buying my first home, which is very exciting, but why does my solicitor keep talking about “adoption of roads and sewers”, and should I be worried if they aren’t adopted yet? Frank Russell FTB says: When your solicitor talks about the “adoption” of roads and sewers, they are checking who will be legally responsible for maintaining them in the future. On many new build developments the roads, pavements and drains are built by the developer first and are only adopted later by the local authority or water company once they meet the required standards. Until that happens, responsibility usually sits with a private management company and the cost is shared by the homeowners through an estate charge. This is important because if the roads or sewers are never adopted, you could still be paying privately for their upkeep years after you move in, which can affect both your ongoing costs and how attractive the property is when you come to sell.
This issue’s star letter prize wins a copy of Tiny Houses from Prestel, worth £19.99. The book showcases inspirational small houses with unique character and style from all around the world. At the forefront of modern architecture, tiny houses exemplify ideals of minimalism, freedom and low-impact construction – not to mention impeccable style and comfort. This book features highly detailed, full-colour interior and exterior shots, along with informative texts that explore
RUNNING OUT OF TIME I am rather worried about what happens if my mortgage offer runs out because the build of my first home is delayed? As a first time buyer it is all a bit of an unknown and I don’t want
VISIT OUR WEBSITE For everything you need to know about buying for the first time, go to firsttimebuyermag.com of your mortgage offer at the point you reserve a new build home, and to make sure your contract includes a realistic build timetable and a long-stop date, so you have a clear exit if the property is not ready within the agreed timeframe. your affordability and the property value, and there is no guarantee the new offer will be on the same terms as the previous one was. This is why it is important to check the length
the inspiration and context of each home. While some of these structures feature state-of-the-art architectural flourishes and luxurious amenities, others are modest and environmentally sustainable. prestel.com
PARKING SPACE I am looking at a new build apartment but I need a parking space. Do I really own my parking space, or could it be taken away later? Emma Black FTB says:With new build homes, a parking space does not always mean the same thing, so it is important to check exactly what you are buying. Some spaces are owned outright and
shown on your legal title, while others are only allocated to you under the estate rules or your lease, which means they can sometimes be reallocated or altered later. The only way to be certain is to ask your solicitor to confirm whether the parking space is included in your title plan (for a house) or specifically demised to you in the lease (for a flat), rather than relying on what is shown on the site plan or sales brochure.
any undue stress Elizabeth Essoo
FTB says: If your mortgage offer expires because the build is delayed, you will usually need to reapply for a new mortgage, and this can be risky if your circumstances or interest rates have changed since you were first approved. Even if your situation is the same, the lender will reassess
First Time Buyer April/May 2026 7
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