FIRST-TIME BUYER TIPS

So, you've decided to buy your first home? Congratulates! But, before you get ahead of yourself, let us talk you through a few things to make your experience as stress-free as possible...

The first step

To make you more attractive to sellers, and to save time in the long run, get a mortgage in principle in place.

Get a little help from a friend

Don’t be afraid to ask questions if you know someone who has recently purchased their home. They will be able to offer you their experience and, more importantly, their contacts if you’re buying in the same area as them.

The all-important deposit

You probably already know this by now, but a mortgage deposit is the lump sum of money you put towards your new home upfront, and it is a percentage of the total house price. Normally, a deposit is between 10% and 20%, but can be as low as 5% from some lenders currently. Remember, the bigger the deposit you have to put down, the more likely you are to land a low-interest rate.

Don’t be afraid to negotiate

Sure, the property market is full of ups and downs, but don’t be afraid to negotiate if the price is out of your budget. Because of the smooth process, first-time buyers are favoured by sellers, which will work in your favour. Don’t pay over the odds or out of your budget.

Don’t forget the extra fees

Saving for a deposit can be tough, but remember those extra fees. Costs such as solicitor’s fees and moving fees should always be taken into consideration but are often forgotten.

Insurance

Having insurance is not only a sensible thing to have but it’s also a necessity when it comes to buying a home. Most mortgage lenders will ask you have buildings insurance in place to proceed with your contract.

Be patient

Most first-time buyers are surprised by how long the process takes when buying a home. Prepare to play the waiting game as the process can be painfully slow. We’re talking months here.

Different types of surveys

Your chosen lender will carry out a valuation survey to check if your found home is worth the asking value. You could also pay for your own survey - which, even though it costs, will be more in-depth.

Time to get your documents prepared

Alongside your ID and proof of address, a mortgage application often requires further information such as bank statements, payslips, and pension plans. Get all your paperwork together as soon as possible for a smooth application process.

Always read the small print

Prepare yourself for a mountain of paperwork throughout the whole process, but always remember one thing - always read the small print. It’s easy to get over-excited when things seem to be going to plan, but don’t get caught out because of the small print.