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Preparations for being a first-time buyer

It’s always exciting to buy your first house, but it can be daunting too. Taking steps now to prepare for buying your first home can make the process more enjoyable, not to mention cheaper.

Your mortgage will probably be the largest expenditure you will ever have during your life, so it is advisable to make sure you find a deal that suits your circumstances and is affordable. Look at the various types of mortgage available, so that you can decide which most suits you. The most common types of mortgage are a fixed rate deal and a tracker mortgage, but there are others too.

Prior to buying your home, save as much money for a deposit as possible, as you will get a better rate of interest if you borrow less. You may want to consider a Help to Buy ISA, where the government will contribute money, up to a maximum amount, into your savings pot. There are other costs associated when buying your first home, like solicitors’ fees, survey costs, removals and stamp duty. You will need to budget for these before moving day.

Spend time getting your credit record up to date, accurate and reflecting a mature approach to credit. A lender will be looking for a low-risk option, and if you struggle to meet basic repayments at the end of each month, you may not be viewed favourably.

Speak to a mortgage advisor before looking for a home, as their experience and professional CeMAP qualification ensure that they have many of the answers.

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