Tips For First Time Buyers

PUBLISHED: 30 October 2020
DISCLAIMER: The information in this blog post may be outdated and may not reflect current financial practices or market conditions

At Barrett Mortgages we have some great tips for first-time buyers and if you follow these tips you will have the best chance at getting a good mortgage. We know it is a daunting task to get yourself onto the property ladder and it is a key goal in most peoples lives. Let our advisors assist you through the whole process from initial contact to make you a desirable buyer for many estate agents.

Our first tip would be to save as big of a deposit as possible as the deposit is the lender’s protection when deciding whether or not to accept a mortgage they will have to think about the possible challenges you may face during the life of the mortgage and with a bigger deposit the lender will be less exposed to changes. A bigger deposit will also make for smaller repayments as you won’t need as big of a mortgage.

Another tip is to set money aside for moving costs. Buyers may be liable for stamp duty and are will need to pay solicitor’s and surveyor’s fees. The actual cost of moving from A to B and furnishing the new home depends on a variety of factors. It can, however, be useful to have a budget for unforeseen expenses. We also recommend that even before you start to think about getting a mortgage you need to get your finances in order. You can do this by saving what you can every month, reduce your outgoings, reduce your debt or be debt free, receiving a regular income, in possession of a good clean credit rating.

If you are interested in getting more advice from us then please get in contact with us.