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Frequently Asked Questions
Find quick answers to common questions about buying property.
Buying
- How do I start searching for a property?
- Use our search feature to browse properties by location, price range, and property type. With a free account you can save properties you like and keep your searches in the House hunt monitor.
- What costs should I budget for when buying a home?
- Beyond the price, budget for stamp duty, solicitor fees, survey costs, mortgage fees and moving expenses. Ask for quotes early and add up your total costs, not just the deposit.
- How long does the buying process take?
- Most purchases take around 16 to 20 weeks from offer accepted to completion. A straightforward freehold with no chain can take 12 to 16 weeks, and the quickest cases around 8 to 10. Leasehold homes and longer chains usually take more time.
Mortgages
- How much can I borrow for a mortgage?
- Most lenders offer around 4 to 4.5 times your annual income, and a few go higher. What you can borrow depends on your credit history, your existing debts and the lender's own criteria.
- What deposit do I need?
- Most lenders ask for a deposit of at least 5% of the property price, and a bigger deposit usually gets you a better rate. A 15% to 20% deposit widens your options and lowers your monthly payments.
- Should I get a mortgage in principle first?
- Yes. An agreement in principle shows sellers you are a serious buyer and gives you a clear idea of what you can afford. It is not a guarantee, as the lender still checks everything at full application.
First-Time Buyers
- What government schemes are available for first-time buyers?
- Options include Shared Ownership, the First Homes scheme and the Lifetime ISA. Eligibility and availability vary by region and property type.
- Do first-time buyers pay stamp duty?
- In England and Northern Ireland, first-time buyers don't pay stamp duty on properties up to £300,000, and pay a reduced 5% rate on the portion between £300,001 and £500,000 (no relief above that). Scotland and Wales have their own separate reliefs.
Using Aeya
- How do I save properties?
- Create a free account and click the heart icon on any property to save it. View your saved properties anytime from your dashboard.
- How do I keep track of a search?
- Sign in and open the House hunt monitor. Give your search a name and a location, then press Save search. New matches for that search show there.
- Is Aeya free to use?
- Yes. Aeya is in public beta and free to use.
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