Steps to take for first time buyers

March 9, 2017 by Brendan

Advice & Tips

Buying a property is a huge step for a first time buyer, and can involve a huge effort to save up a reasonable deposit, before attempting to secure a mortgage. However, it is possible to make the process a little easier, by taking steps to ease the transition to becoming a home owner.

Before starting to save for a deposit, ask yourself if buying a home is really what you want. If you are ready to own your own home and have steady, reliable employment, you can move on to the next step. Consider how much you can afford to borrow, and how much a lender will be willing to lend you. You may need to speak to a CeMAP qualified mortgage adviser for this, as they are aware of the lending criteria for each lender.

Once you start saving for a deposit, you may want to obtain information about the various Help To Buy schemes which are available, designed to help first time buyers to secure a home. Once you are ready to look for a property, take steps to maximise the chances of being accepted for a mortgage. This will include reducing expenditure prior to applying for a mortgage, and paying off any debts which you may have.

Budget for other costs associated with buying a house, like stamp duty, removal costs and any fees linked with your mortgage. Once you start viewing properties, don’t get carried away with the initial impression. Dig deep to find out more about the property and the area, so that you can be sure you will be happy.