Buying a property, especially in the current climate is a big decision for first time buyers. Despite being incredibly rewarding, buying a home is in the top ten most stressful life events! We have listed a few tips that can help you buy your first property.
Having a deposit and earning a salary that covers repayments is important but not the only area a lender will look at. Having a good credit score is also important. To find out ways to improve your credit score, read our tips here.
You’ll need to get a mortgage in principle from a lender before you start looking. This will give you an idea of how much you can borrow and how much you can expect your monthly payments to be.
Making a budget, and factoring in all costs involved with buying and owning a property such as monthly repayments, insurance, bills, and maintenance will allow you to understand your affordability.
It is good to shop around, compare prices, different areas and property types to ensure you are getting the best deal for your budget and requirements.
Depending on your situation, buying a ‘fixer-upper’ requiring some work or renovation may be more affordable than a home you can move into immediately. You will need to work out the cost and time involved in renovating the property before being sure it is the home for you.
We hope you have found these tips useful, and increase your chances of getting on the property ladder as a first time buyer. For more information, contact one of our independent mortgage advisers who can discuss the best options for you: 01628 507477.
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Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
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