Depending on which route you may have taken, whether it was through university or straight into work, in the near future you are going to want to invest in the property market and ultimately your future. Purchasing a house can be a daunting prospect, especially if you are a first time buyer, and there are a few things you should examine before you choose a house.

First of all you have to decide whether you wish to rent or buy, whilst renting might be appealing with lower rates and the opportunity for all bills to be inclusive, your money is ultimately going straight into the landlord’s pocket. If you choose to purchase your own house then you are making an investment, anything you spend on mortgage repayments or improvements is an outlay for your future.

Of course if this is your first time on the market it is almost impossible to determine what mortgage will suit you. A lot of people will be confused as to what mortgages are and how much they will cost, etc. The best way to work out your monthly mortgage payments and see how much you can afford to borrow is by using a mortgage calculator, which you will find on the websites of all of the main financial lending institutions.

Make sure you investigate the amenities available in the area you are planning to purchase in, i.e. public transport and commuting expenses, local schools, shops and restaurants. Even if you have a car, access to public transport may be important to a future buyer, or your friends! And whilst you may not have children, a property with good local schools may make it easier to sell in the future.

The main thing about your first mortgage is to be realistic; you will need to budget for soft furnishings and utilities if you have been living with your parents. If you decide to purchase an older property then allow for updating the wiring, relaying flooring and redecorating. Bearing in mind that on top of the mortgage deposit and repayments, a first time buyer will have to cover stamp duty, survey and legal fees, as well as the cost of moving, so it might make sense to set up a dedicated savings account. Reputable banks such as Santander offer a range of bank accounts to suit your needs, so they could be a good place to start.

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