Some lenders may cover fees, so it is important to shop around for the best deal. Providing the property costs under 60,001, he will not have to pay stamp duty. There are lots of attractive mortgage offers available for those with a deposit of 25 per cent or more. But Declan needs to ask himself whether he will be able to afford his repayments if they increase. If not, a fixed or capped rate would allow him to plan his finances.
Many potential borrowers are unsure when to get their foot on the property ladder.
My view is that it is unlikely that house prices will fall in the near future, so buying sooner rather than later would be prudent. It does seem silly, though, for Declan to pay a mortgage if he is able to live rent-free. One solution would be to buy a property and rent it out. The rental income should cover his repayments. The large deposit Declan is able to put down will be a big help.