Buying A Home For The First Time?

PUBLISHED: 23 September 2021
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

Getting onto the property ladder can be quite a scary thought, such a big commitment to make when your future isn’t always guaranteed. That is why getting the best deal possible at the beginning of your property journey is so important as it will benefit you towards the end of your mortgage as well. With us, we can help you by giving you useful tips and advice on how to get prepared even before you are thinking about purchasing a property.

Saving monthly will be a really big help when you want to finally buy a home and doing this as early as possible will allow you to save for a bigger deposit, we say bigger is better; This is because a borrower’s deposit is a lender’s protection. When deciding whether or not to accept a mortgage application, lenders will have to think about the challenges the borrower may face during the life of the mortgage. This could be a handful of things but with a bigger deposit, there is less of a risk that you have and the fewer changes the lender is likely to make. A bigger deposit will also mean that you will have smaller monthly repayments as you won’t need to take out as big of a mortgage with a bigger deposit and this will also mean you pay less total interest which in return will bring down your monthly repayments and will most likely be seen as affordable by the lender.

When you are looking at purchasing a home setting some money aside for moving costs can be very useful as buyers may be liable for stamp duty and will need to pay solicitors and surveyor’s fees. The actual of moving from A to B and furnishing the new home will depend on a variety of factors.

Buying A Home For The First Time

More About Buying A Home For The First Time?

When you are buying a home for the first time the government might have a help to buy scheme that will allow you to only have to put down a 5% deposit on the property and the government will lend up to 20% of the property value. This means that you then only have to get a mortgage of 75% of the purchase price. This scheme can be used on a new build or a pre-owned property but has to be a registered seller that is part of the help to buy scheme.

Another great tip we can give to you is to reduce your outgoings as much as you can before trying to purchase, this is so you have as much spare disposable income as possible so the lender sees that you are fully focused on paying the mortgage and not paying for a load of subscription services. Having some is fine but when it is covering a good portion of your wage then it can hinder your chances of securing a mortgage. If you follow our advice you will be able to get the house and mortgage of your dreams and live happily ever after in your new home.

Want to know more? Please get in contact with our team who will be able to give you more advice on how to secure a great mortgage.