first time buyers

top ten tips for you...

Despite the regular doom and gloom reports in the media, it is still possible for you to take your first step on the housing ladder. Just follow our top tips for buying your first property and you’ll be one step closer:

1. budget

Have a plan in place. Think about the costs involved in buying and running a home including legal fees, survey costs, utility bills, food and council tax. Don’t forget other costs too, such as moving, furnishing and decorating your new property. Our mortgage consultants can help you work out all the costs associated with moving.

2. research your mortgage options

A qualified mortgage consultant can go through the costs involved in buying a property and help work out how much deposit you can contribute and what mortgage would be right for you. Contact your local mortgage consultant.

3. look to get a ‘Decision in Principle’

Before you start looking for a property, getting a ‘decision in principle’ from a lender can add credibility to any offer you make and help you identify which price bracket you should be looking in. Our mortgage consultants will arrange for a head start card which will show the amount you can afford to borrow and prove to sellers you are serious about buying, speak to your local mortgage consultant to find out more.

4. commit to saving money

Make sure you save as much money as you can. The larger the deposit you have, the greater chance you’ll have of getting a mortgage approved. By having a bigger deposit lenders are also more likely to offer you a better mortgage rate.

5. consider a guarantor

When first-time buyers can’t quite meet the income multiples for their mortgage, we have arrangements with some lenders who will accept a guarantor, such as your parents, who will guarantee to meet payments if you fall behind. Take a look at the Family Guarantee Mortgage

6. think about the type of home you need

Do you want a new-build or an older property? Are you interested in shared equity schemes offered by several house builders? How many bedrooms do you need? Do you require off-road parking? Work out what you really need and what is just a ‘nice to have’. Search our properties

7. location, location, location

Think very hard about where you need to live. If you commute to work, how far do you want to travel? Walk around the local area to see how close the local amenities and facilities are, as well as the local transport network. Search our properties

8. make the most of your position

First-time buyers are usually favoured by sellers because you’re right at the end of a chain with nothing to sell and this means that you can usually move quickly. Make the most of this advantage when putting in an offer on a property.

9. protect your home

Think about the need to protect your home and mortgage. Get expert advice on the various insurance policies available including buildings and contents cover, life assurance, critical illness cover and payment protection. Our mortgage consultants can guide you through your options.

10. make a will

Should the worst happen, make sure that the person you want to benefit from your property and any life assurance does so by you making a will in their favour.

Take the time to make a plan, work out what you want and what you can afford. We can help by advising on mortgages, insurance and wills, as well as showing you around suitable properties. Contact your local agent. For advice on the local housing market or to find out more about our range of services contact your local branch today.