Top tips for First Time Buyers
If you’re thinking about purchasing your first home then here are essential top tips to get everything in order to enable you to get your hands on the keys to your special first home.
Speak to a mortgage adviser
Now the first step on the property ladder isn’t spending hours trawling Rightmove and viewing potential homes, the most sensible step is to speak with a mortgage adviser. This way you can find out what your financial situation is, maybe you can borrow more than you expected or maybe you need to take some more time to get your finances in place.
Understanding your budget for a property and understanding how much your monthly outgoings may be when you have a mortgage is a really important step in truly understanding your budget in the short and long term. If you’re buying with a partner then this can be a really important step to understand what you are both willing to sacrifice for a step on the property ladder, and what you just can’t compromise on.
If you are unable to borrow as much as you expected or need to look at improving your credit rating then listen to what they advise and action this. They are the experts and it’s unlikely that they haven’t seen a similar situation before and helped someone else get their new place when it wasn’t straight forward.
Speak to an agent
Once you know how much you can borrow you’ll know how much you can spend. Now is a great opportunity to discuss your requirements with an agent, it’s really important to be open with them about what you require in a property and what you desire, but may be flexible on.
Again, the agents are experts in the area and will know about any upcoming developments, details regarding specific areas, for example if there are any conservation areas and any changes to local amenities, such as a change to transport infrastructure. Agents can advise on what and where is best to buy depending on your budgets and requirements and they can also help to discuss any other schemes such as help to buy and shared occupancy.
The more research the better
Once you have discussed your requirements with an agent they will have provided you with any potential properties they think will be suitable for you, however don’t just stop at these. It’s important to do as much research as possible into both potential properties and also any potential areas you are looking to move to.
If you have friends or family who have recently moved then speak to them about their experience, they may have been in your same position a few months ago and are in a good place to speak about their experience. Hindsight is a wonderful thing and they may be able to prepare you for anything that they were not expecting.
It’s important to be ready for when you do find the perfect home and have an offer accepted. This can often be when the real work starts, you need to make sure that all of your paperwork is in order and up to date. You don’t want to add more time to the process if you now need to get your paperwork in order.
If you are a first time buyer looking to take the first step onto the property ladder then you can request a call back from one of our mortgage advisers here and also find your local branch here.