Purchasing a home is an exciting moment as it marks the beginning of the next phase of your life, brimming with expectation and the creation of new memories. However, there's no denying that it can also be a stressful time, particularly if it's your first time going through the process.  

At Mortgage Advice Bureau, we have plenty of experience helping people embark on the journey of homeownership, so we’ve put together some things that could ease some of the potential first time buyer anxiety you may be feeling.

Common worries of first time buyers

There's no disputing that the home-buying process is emotionally charged and may lead you down a winding, twisting path. It's no wonder that many first time house buyers describe the process as stressful. Purchasing your first house can consume a significant amount of time and energy. Buying a property might take around three months if everything goes perfectly. 

There are three main areas of concern:

  • Your affordability, whether you can afford the deposit or the monthly repayments

  • Having second thoughts and regretting your choice of property

  • Realising you have a lack of education around the home buying process

Top tips to ease first time buyer anxiety

Here are some solutions we suggest if you find yourself feeling anxious about the journey to homeownership:

Don’t be afraid to ask for help

If you have friends or family (or both) that have been through the process of buying a property, don’t be afraid to ask them for guidance. They will know that it is a stressful process and can help ease your mind if it becomes overwhelming.

Speak to a mortgage adviser

A mortgage adviser will take care of your whole application, including all the paperwork. They will work to find you the right mortgage deal, as well as keep you updated along the entire process so that there's no surprises.

Don’t let it take over your life

Like with all things in life, if you spend too much time overthinking - you can end up stressing yourself out. When you have a bit of free time, take your mind off the property purchase. Do things you enjoy, whether it’s going to the gym, reading a book, or spending time with family.

Schemes for first time buyers

If you’re a first time buyer, there are a few government schemes available that may make the process of purchasing a property a little easier.

First Homes scheme

You might be able to purchase a property for 30–50% less than its current market value if you're a first time buyer using the First Homes scheme. This scheme is designed to get first time buyers onto the property ladder.

There are some prerequisites for qualifying, the most important of which is the financial requirement. Your total family income must not be more than £80,000 (£90,000 in London) and you must be able to obtain a mortgage for at least half the purchase price of the property.

Shared ownership

With Shared Ownership, you purchase a portion of the property, ranging from 10% to 75%, and pay rent to the landlord for the amount they possess. 

The landlord in this situation might be a housing association, a council, or another institution. If cost is an issue, this might be a good way to get your feet wet in the property market and start on the path to homeownership.

How can we help?

Getting a mortgage is actually easier than you might believe, and the factors you are concerned about may not be as big of a challenge at all. When you're ready to apply, contact one of our advisers, who will be able to walk you through your options and provide solutions that are personalised to your unique needs.

Important information

Your home may be repossessed if you do not keep up repayments on your mortgage.

There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.

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