First Time Buyer Mortgage Advice

Buying your first home is one of the most exciting and daunting things you’ll ever do. In an age of mixed messages and competition, seeking reliable first time buyer mortgage advice is more important than ever.

From not knowing who to trust, to deciding which mortgage product to choose, it’s easy to get bogged down before the process even begins. To help you with making the right choices, we have put together some handy first time buyer mortgage advice tips.

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First Time Buyer Tips

✓ Be realistic

Ensure that you are realistic when working out exactly how much you can afford to spend on your first home. As a first time buyer, you will be aware of the amount of deposit you can have access to. From here, we can help you with a budget calculation. Remember: it’s not a case of “how much can I borrow?” instead, you should think about is as “How much can I afford to repay per month?”

Buying your first home isn’t just about the deposit and monthly payments. You’ll need to consider the fees involved with buying a property, along with the costs of decorating and furnishing your future home.

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 all areas of first-time buyer mortgage advice, including implicated costs of buying your first home.

✓ Write your wish list

This list will describe your ‘ideal home’. You’ll consider the areas you want to live in, how many bedrooms you require, whether you need parking, what kind of garden you’d prefer and how much work you’re prepared to do.

It’s not just about the here and now, try to consider the future too. If you intend on staying in your first home for some time, think about things such as the proximity to your workplace, travel times to your favourite spots and school catchment areas if you intend to have a family.

Once you have devised this list, meet with local estate agents to discuss what you’re looking for. You may need to rank your preferences in order of priority, depending on your budget. Remember that you can always negotiate the price of a property down, so set your price bracket slightly higher than you would hope to pay.

If an estate agent has your requirements on record and in particular your price range they may bear this in mind when a potential property comes to the market. Don’t forget to 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.
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? Where are they moving to? How long has the property been on the market? Has it previously been under offer?

The estate agent or the vendor themselves should be able to answer these any other questions that might arise throughout the process.

✓ Experience helps

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, local business opening hours etc. 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.

Buying Your First Home

Found the perfect home?
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 with our hopeful homeowners.
Point out your advantageous position as a first time buyer with nothing to sell. Mention that you have a mortgage and solicitor lined up. This will make your offer more attractive than that of someone involved in an existing property chain.

Ask as many questions as you like
The more you understand about the process, the more you will get out of it. Gaining first time buyer mortgage advice from our friendly team will be a huge comfort and a very valuable ally. Remember you may go through this process less than half a dozen times in your life, but your advisor will do it several times a month.

If you’re ready to seek first time buyer mortgage advice, or simply want a general chat about what is involved in buying your first home please contact us to arrange a no obligation appointment.

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A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME OR PROPERTY. YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
THE FINANCIAL CONDUCT AUTHORITY DOES NOT REGULATE MOST FORMS OF BUY-TO-LET MORTGAGES.
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