Date Published 15 May 2018
Whether you`ve got your savings already or you`re starting at the bottom our guide should help you navigate the tricky world of being a first-time buyer.
• Can you afford a mortgage? Are you going to be able to afford your repayments? People think that renting is a negative thing but if it means you can carry on saving and contribute more to your mortgage then it`s a very positive thing. You never want to be in a terrible position where repossession is a possibility. Make sure before you even start looking for houses that you`re able to buy.
• Do you have a large enough deposit? The amount of deposit you can raise is incredibly important. It affects how much you can borrow & at what interest rate you can borrow at. You should aim to save as much money as you can. It`s going to really pay off in the long run.
• A good credit score is another very important element when it comes to buying a house. Read our guide to improving your credit score.
• You need to decide what type of mortgage to choose. Fixed rate? Variable? Repayment? Interest only? Make an appointment with a mortgage broker or adviser at your chosen bank and they can help you figure out what`s best.
• Can you afford the additional fees? Mortgage fees, surveys, solicitors…these things add much so make sure you do your sums!
• You should give plenty of thought to the location when choosing a property to buy. Are you near local amenities & transport links? If you have children are you close to good schools and are they able to get there? Also, consider when it comes for you to sell the property on, are you going to be able to sell easily? You should do your research into the area if it`s somewhere you don`t already know well. You want to feel comfortable in the place you choose to make your home.
• Get a second opinion when viewing a property that you think you`re interested in. It`s easy to run away with yourself when you find a property you fall in love with but take a step back, bring someone you trust to see it and consider everything before moving forward. Buying a house is a big deal & you want to be 100% sure that it`s the right one for you.
These are just a few of the important things to consider when it comes to buying your first home. It`s a big commitment but it`s also very exciting! Good luck!