First-time buyer

• English
• Secondary Education

1

A mortgage offer is secured after a demanding application process

After weeks of delays, a seller unexpectedly decides to pull out of a sale.

A new-build property is found, negotiations lead to a price reduction, and a final purchase is made.

After making an offer on a flat, complications arise when a tenant refuses to leave, causing further setbacks.

With a deposit saved, the search for a property begins

An offer is made on a flat in Greenwich, but concerns over service charges lead to withdrawal.

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The author initially believed that buying a property in London was within his financial reach, given his savings and income.

1. TRUE
2. FALSE

Throughout the buying process, the author worked with a single mortgage broker who successfully secured a mortgage on the first attempt.

1. TRUE
2. FALSE

The author lost money on legal fees when a seller pulled out of the sale after six weeks.

1. TRUE
2. FALSE

The author’s decision to withdraw from the second property was influenced by concerns over the mortgage lender’s unwillingness to approve the purchase.

1. TRUE
2. FALSE

A property in Greenwich was ultimately chosen because it had the lowest service charges of all the options considered.

1. True
2. False

By being a chain-free buyer, the author was able to negotiate a significant discount on his final property purchase.

1. TRUE
2. FALSE

The mortgage lender required the author to cancel his health insurance before approving the mortgage.

1. TRUE
2. FALSE

The author’s final mortgage payments were lower than the rent he had previously been paying.

1. True
2. False

Despite his frustrations, the author found dealing with solicitors to be the easiest part of the buying process.

1. TRUE
2. FALSE

In the end, the author had to take out an additional loan to afford furnishing his new property.

1. TRUE
2. FALSE

Would you like to own a property by the time you are 28 years old?

YES

NO

I don't know yet.

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