What Products Would A First Time Buyer Require When Purchasing A Property?
Firstly, you would need to purchase a valuation from the product provider, the cost can vary between lenders, we would always say get a quote for a homebuyers guide as this would give you some security and piece of mind when purchasing.
Solicitors / Conveyancing
You always need to use either one of these when purchasing a property; our advice would be to either ring around or search on the internet for comparable quotes.
They in most cases charge an arrangement fee, the cost of this fee varies between lenders, and in most cases you can add the fee to the loan.
Buildings and Contents:
By law you only have to have buildings insurance in place on exchange of the property, but we would recommend that you also look at taking out contents insurance should you be unfortunate to either have a fire in your home or you have an uninvited guest that removes all your belongings.
The FSA recommend that all parties to a mortgage have some form of cover in place to protect the unexpected death of one of the owners; this will give you and your family piece of mind for a small price. You could add critical illness to this policy, this would pay out on diagnosis of a critical illness and would mean that the owner/owners would benefit from being alive and at the same time being able to pay off some if not all the mortgage.
Accident Sickness or unemployment cover:
This has a big part to play with your mortgage, this policy would pay out on any of the events above, this is a rolling contract on a year by year basis, you are responsible for the payment, if you fail to pay and make a claim the claim will not be processed.
Income Protection/Permanent Health Insurance.
This plan is similar to the one above apart from it does not cover unemployment, this is a permanent contract that allows the home owner fix a term i.e. 25 years or until retirement age, the claim will be paid out after a deferred period, 4 weeks, 13 weeks, 26 weeks or even 52 weeks, it can run alongside your existing benefits supplied by your employer making it cheaper for you.
We would advice you to seek professional advice when discussing these options.