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6 Things To Know When Buying Your First Home

6 Things To Know When Buying Your First Home

When it comes to the house-buying process, we think every first time buyer would agree that it’s one big learning curve, from beginning to end.

There are many things to consider when buying a house and we want to pass on our tips for first time buyers so that when you do decide to enter the housing market, you can be well-prepared for what to expect.

Don’t always listen to the headlines

If you listen to the media headlines, you’ll soon come to think that getting your foot on the property ladder is virtually impossible for young people now. However, this simply isn’t the case. Perhaps if you’re trying to buy a house in an expensive part of the UK - such as London or Brighton - you might struggle to get together enough money for the deposit. However, this isn’t true for the rest of the UK.

A lot of first time buyers believe that buying a first home means needing a big deposit - but this is a bit of a myth. So it’s always worth looking into things for yourself, rather than listening to the media headlines.

 

Do your own research

It’s important to take your time to do your own research, as well as listening to advice from friends and family. To start with, take a look at how much money you could potentially borrow while you start looking at properties in the area you might want to buy. If properties in your chosen area are over your budget, is there anything you can buy in surrounding areas that’s a bit cheaper? Remember, chances are this probably isn’t going to be your forever home. Also, consider your deposit and how much you would like to put down, without leaving yourself short to decorate and furnish the house.

 

Speak to a mortgage broker

There’s no denying it: finding the right mortgage deal for you can feel a bit like searching for a needle in a haystack. With a mortgage broker, you can easily find qualified mortgage advisers in your local area that can guide you through the whole mortgage process. It makes finding the right mortgage deal for your needs easier, and far less stressful.

A mortgage broker can have access to various different mortgage lenders, meaning they are not tied to one particular product and can help you find the product that best suits your needs.

 

Be patient

There’s no denying that unfortunately, the house-buying process isn’t a quick one. Even if everything goes ahead smoothly, it can still take roughly three months to complete. Certain things can hold this process up that are out of your control, so it’s important to focus on what you can control, such as making sure you’ve filled out all your paperwork. However, sometimes you just have to wait and be patient - as frustrating as it is!

 

Don’t tell the world straight away

No doubt when you have an offer accepted, you’ll want to shout it from the rooftops and tell everyone you know, but try to refrain from doing this as the more people you tell, the more people will ask you, ‘have you got the keys yet?’. Although having an offer accepted is a great start, there are still a few more hurdles to jump over before you can declare to the world that the property is yours. That’s why we recommend that you only tell your closest friends and family until you know the deal is completely sealed and the keys are in your hands.

 

Try not to stress

Although this one is easier said than done, it’s important to try and remain as calm as possible throughout the process. Getting stressed over buying your first house can put a lot of strain on your relationship, but remember to just focus on what is in your control and the rest will happen when it happens.

 

Got any questions, or just want to set your mind at ease about the whole mortgage buying process? Get in touch with us and one of our friendly advisers will be happy to help and set your mind at ease.

Because we play by the book we want to tell you that…

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 upon your circumstances.
The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.

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