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First Time Buyer


Struggling to find a Mortgage for your first home?

Buying a house is one of the most important purchases you will make,
and buying a home for the first time will be an even more daunting prospect.

First Time Buyer

Buying a house is one of the most important purchases you will ever make, and buying a home for the first time will be an even more daunting prospect. Not knowing who to trust, what to do and who to turn to will not make it any easier, add to this the vast array of mortgage products available from a wide range of sources and you could be left with a highly stressful, confusing decision. To help you with making the right decision we have put together some helpful tips for you below. After reading them please feel free to contact us if you would like to ask any questions or book an appointment to discuss your needs in more detail.

  • Be Realistic. Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. As first time buyers this is normally dicated somewhat by the amount of deposit you have access to. You should make sure the intended mortgage is affordable by doing a budget calculation. It's not a case of "how much can I borrow?" It should be a case of "How much can I afford to repay per month?" . Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, decorating or re-wiring. Make sure that you factor in all these likely costs, in addition to the purchase price, and other fees such as conveyancing, stamp duty and insurance costs. One of our advisers will be happy to have a chat and discuss what these costs might be and when you would need to pay them.
  • Write your wish list: The area your want to live in. Number of bedrooms you require, garage or driveway, gardens or yard, new property or refurbishment property ect. Remember to consider where you work, travel times and other issues such as school catchment areas, broadband access and local ammenities. Once you have a list of requirements contact local estate agents and tell them what your looking for and what you can realistically afford. Remember that you can always negotiate the price down so set your price bracket sightly higher than you would hope to pay. If an estate agent has your requirements on record and in particular your price range they may bare this in mind when valueing a property that is just coming to the market. Play your cards close to your chest with regards to the estate agent, they work for the vendor and it is their job to get the best price. 
  • Do your research. There are a number of public websites where you can gain valuable information about the property you intend to buy. Some of these are listed on our useful links page. Ask as many questions as you like about the property and the circumstances of the vendor. For example, what are their reasons for selling the property? If its because of a breakdown in a relationship or financial problems such as being made unemployed then they may be in a position to accept a lower offer. The estate agent or the vendor themselves should be able to answer any questions you have.
  • Experience Helps. When buying for the first time, there may be a number of details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a long standing home-owning friend, when looking at property. If this is difficult to arrange, then make sure you at least get some assistance once you have selected a property you like and are arranging a second viewing. Try to view a property both during the day and on an evening, things can change such as parking in the street, groups of local youths ect. Write a list of things you consider to be defective such as cracks in walls or ceilings, the need to replace kitchens or bathrooms, These can all be used to negotiate the price down.
  • Found It? Once you have a property in mind, speak to your mortgage adviser about the potential monthly payments on the amount you plan to offer. Try to set a maximum price and don't get drawn into a bidding war. Point out your position as a first time buyer with nothing to sell, a mortgage and Solicitor lined up. This will make your offer more attractive than that of someone with a property to sell.
  • Ask as many questions as you like. The more you understand about the process the more you will get out of it. Having an expericence adviser on your side will be a huge comfort and a very valuable allie. Remember you may do this five or six times in your life but your adviser does this nine or ten times a month.

If you would like to discuss any of these points in more detail or just have a general chat to find out more about what is involved in buying your first home please contact us to arrange a no obligation appointment.


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