Making the decision to buy your first home is one of life’s biggest and most exciting milestones. With this being said, it’s so important that you are fully equipped with all the knowledge you need to ensure the process runs as smoothly as possible and you end up with your dream property.
Our Mortgage Advisers are there to make sure securing your first mortgage is easier than you ever imagined. It is our job to simplify the process so it’s perfectly easy for you to understand every step of the way. We acknowledge that beginning your mortgage journey can be a daunting process, so with this in mind we have outlined our top tips for first time buyers.
Start saving early
It’s very common that many first time buyers want to jump in with both feet as soon as they decide they want to buy a house. Unfortunately, this doesn’t quite work as it’s essential that you have a deposit ready for when you want to buy a home. Starting to save early is the key to being ready to buy your first home when the right time comes.
Depending on financial situations, it can take first time buyers many years to save up to ensure they have an adequate deposit to put forward when buying their first home. There are many different mortgage types available, each with different deposit requirements, our Mortgage Advisers can guide you through the options and help you decide what is best for you.
Find out what you can afford
Once you are on track with saving a deposit for your first home, it’s essential to find out exactly what you can afford. Don’t let yourself fall in love with various properties if they’re out of your price range! You can use our handy mortgage calculator to get a quick estimate, or you can talk to one of our advisers who can provide you with a more accurate figure once they have assessed your income and outgoings.
Once you know what you can afford and you find the perfect home for you, put in an offer! Having a decision in principle from a mortgage lender will put you in a great position, as a seller will know you can afford the property.
Consider the protection you’ll need
Ensuring you and your new home are properly protected is vital for a first time buyer. Before you draw down your mortgage, you should consider what protection and insurance cover you have in place or need to put in place. At a minimum you will want to ensure you have home and contents insurance, but more importantly you should look to insure yourself.
Having life cover, critical illness or income protection plans in place will ensure that both you and your home are protected if an unfortunate issue or event does arise.
Engage with a Mortgage Adviser
Getting a mortgage is one of the biggest financial decisions you’ll make, so it’s important that you get it right. Engaging with an expert mortgage adviser is an extremely smart decision, especially for a first time buyer. A mortgage adviser can search the market on your behalf and recommend the best deal for your circumstances.
By choosing not to engage with a mortgage adviser you could risk agreeing to a mortgage that isn’t right for your situation or you could end up applying for a mortgage that doesn’t quite fit the lender’s criteria – both could ultimately be very costly mistakes in the long run.
Your home may be repossessed if you do not keep up repayments on your mortgage.