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Not sure where to start when it comes to buying your first home? The process can be extremely daunting, and you might not know where to start. Have a read a of a few top tips we have put together for First Time Buyers or get in touch and we’ll be happy to help!
Last updated: 25 January 2022
As well as the usual ID and proof of address, any mortgage application will require more information including things like bank statements, payslips and pension plans. Ensure a swift process by getting these together so they are ready when you need them!
An adviser can look at your finances and help you decide what you can afford, they can then issue you with a decision in principle from a mortgage lender. Having your decision in principle in place will make you more attractive to sellers if they are looking for a speedy transaction – and it will save you time in the long run.
After you have saved for your deposit and applied for your mortgage, it is important to stick to your budget. Make sure you set a clear limit and do not view properties above that if you are not willing to haggle with the seller. Decide if you are able and want to to dip into any further savings at the beginning, so you can only view properties that you can afford.
Many first-time buyers are not aware of the extra fees that are involved in the buying process. Conveyancing fees, property searches, and surveys are just some of the extras that you need to be aware of. Be sure to include these in your budget calculations at the beginning so you are prepared for the extra expenses.
Are you looking for your home to be close to work, schools or in a family-centric neighbourhood? It is important to thoroughly research areas to ensure you have access to all your necessary amenities but also fits within your budget. You do not want the heartbreak of finding a place that you simply cannot afford.
Its worthwhile checking your credit file and see what lenders see when you apply for credit, Using one of the main ones like Experian, Equifax or TrustScore will give you an insight into your finances from the lenders point of view.
Buying a house is a scary and complicated process for anyone, especially if it’s your first time. Don’t feel overwhelmed by the jargon and paperwork, if you don’t know, just ask. Mortgage brokers, solicitors and estate agents know a lot!
Your home may be repossessed if you do not keep up repayments on your mortgage.
Have an initial look at some mortgage options, you can discuss these with one of our expert advisers who have top industry knowledge to help you navigate the mortgage minefield.Compare
Use our simple mortgage calculator to see how much you could potentially borrow. Remember this is indicative only, speak to an expert adviser for a full calculation, specific to you.Learn more
It is important to consider other costs. Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land in England and Northern Ireland. Use our calculator to find out how much this may cost.Learn more