Are you ready to make the exciting step into homeownership? As a first-time buyer, navigating the property market can be overwhelming. But do not be afraid! With the right advice and a well-defined strategy, you can find the ideal home that meets your lifestyle and budget. Here are some top tips to help you on your journey:
Calculate your income and monthly debt obligations
The first step in preparing for a mortgage application is to track your monthly income and debt obligations. It is critical to collect this information because your mortgage lender will undoubtedly request it. Approval for a mortgage is contingent on remaining within specific ratios, which lenders use to assess your ability to manage mortgage payments. Furthermore, existing significant debts can influence the size of the mortgage you qualify for. Our Mortgage Advisors can help you determine how much mortgage you are eligible for.
Set a Realistic Budget
Determine how much you can comfortably spend on a home. Consider the purchase price, solicitors’ costs, homeowners’ insurance, maintenance, and renovations or upgrades. Getting pre-approved for a mortgage can help you better understand your budget and make you a more appealing buyer to sellers.
Consider all of the costs
While your mortgage payments will undoubtedly be the most important consideration, it is critical to understand that you will face various other expenses. If you’re used to calling your landlord to arrange repairs in your rented property, remember that you’ll be responsible for everything in your new home. Keep this in mind when creating your budget, as it may be prudent to be more realistic during your search rather than being stung later on.
Use a Mortgage Broker
Consulting with a Mortgage Broker at Helen Ferneyhough Associates is beneficial, particularly for first-time homebuyers. A broker is critical in navigating this complexity. Using our extensive experience and expertise, we meticulously scan an extensive panel of lenders to narrow down options and find the ideal mortgage for you.
Increase your credit score
When looking to become a first-time buyer, it’s critical to prioritise your credit score to secure good mortgage terms. Neglecting to check your credit score first can be an initial mistake. Fortunately, calculating your credit score is a quick and straightforward process. By diligently monitoring and actively improving your credit score, you can improve your chances of obtaining a mortgage with favourable terms, thereby facilitating your path to homeownership. Try Experian to view yours.
Inspect Thoroughly
Schedule a professional home inspection once you’ve found a home that interests you. This will reveal any hidden or potential issues with the property, allowing you to make an informed decision. Examine the structural integrity, electrical and plumbing systems, insulation, and any water damage or pest infestation evidence.
With these suggestions in mind, along with patience and perseverance, As a first-time buyer, you can successfully navigate the process of finding your ideal home.
Best of luck with your house-hunting endeavors!
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Approved by The Openwork Partnership on 19.03.2024
