The most important step is working how much you can afford to pay each month. Don’t think of it as how much you could borrow, but how much you should borrow. Mortgage providers will look at your income and outgoings and whether you’ll be able to keep up with repayments if interest rates rise or your circumstances change.
To work out your budget, start with your financial commitments, like any credit card or loan payments.
Then, add your monthly costs like council tax, energy bills, phone and the internet. Finally, factor in your food, entertainment and travel expenses. Or try this mortgage affordability calculator from the Money Advice Service to help you do the sums. When buying a new-build, a NHMA will be able to provide advice along the way and ensure you make the right choices for your situation.