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I'm a complete novice, I don't know anything at all. I don't even know how much the first home buyers grant is, or if its still available!
So give it to me! I need to know about the money side of things obviously. What's an average deposit? What proportion of the home cost would a bank loan? What do I need to know about home loans? What are the 'extras' that no one tell you about?
And buying vs building...
Is there somewhere I can read all this (in an unboased way? ;lol).
TIA!
What banks will loan and how much you should loan are two different things. Many banks will loan way more than they should, and require only small deposits, but this is not a good idea. You are best to look at having a minimum of 10% - but best would be 20% deposit. That way you won't overstress yourselves from the get go. Remember to factor in any interest rates when deciding how much you can afford to repay, when people loan a large amount an interest rate rise can tip them over the edge - so make sure your repayments will have plenty of room to move should rises occur.
Here's a couple of links (i think they are ok as they aren't commercial sites) Buying your first home This first one has some good stuff on there.
Guide to buying your first home from Money Buddy This one has info on the grant for you.
Everything ausgirl said!
Some banks will do a 'no deposit loan' which sounds appealing to some, but it's not. And usually with those deals the interest rate is higher. The more deposit you have, the better deal you can get, and the less you pay in the long run.
It's best to go to a mortgage broker so they can shop around for you to get the best deal for YOU.
Also, have a good think about what can afford, taking into consideration interest rates increasing as well.