First Time Buyer

Providing individual mortgage advice; unique to you

Buying your first home can be a very exciting albeit daunting experience, which is why it is important to get the right advice at the very start.  There are many different mortgage products to choose from so it is important to get the solution that best meets your needs.

To help you to make the right decision we have put together our Top Tips for first time buyers:  

• How much can I borrow?
  Unfortunately, there is no simple answer to this question. Lenders tend to use their own affordability calculations to determine how much they would be prepared to lend to you. The maximum mortgage can often vary considerably between lenders and is based on a number of factors including – your age, your income, your committed outgoings (loans, credit cards etc.), the length of the mortgage term and any dependents (or child care costs).  It is important to be realistic when working out how much you can spend on your new home.  A budget planner will help to ensure your mortgage is affordable.

• How much deposit will I need to put down?
  When choosing a mortgage, you can see which deals you might qualify for based on the size of the deposit you have by looking at what is known as the mortgage ‘loan to value’ (LTV).  For example if you are looking to buy a property valued at £100,000 and have a £5,000 deposit you will be looking to borrow 95% of the property value.  Typically the more deposit you have to put down the better the mortgage rates will be.

• Have you considered any extra costs?
  Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring.  These should be considered alongside the purchase price, and fees such as conveyancing and stamp duty.

• Know what to look for when viewing properties
  Always take an experienced home buyer with you when viewing properties as there may be important details you could be missing out on.  Do your research, check out similar properties or local values on Rightmove and Zoopla.

• Household Budgets
  If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing, and other home repairs.

• Council Tax Charges
  Make sure you know what the likely council tax charge will be in your new property.  The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.

Remember a mortgage is a long term commitment and there are lots of different products available, so it is important you get the right solution for you.

Call our experts today for more information

Our advice is always free.  The vast majority of our clients do not pay anything for our services as we are paid by the lenders.  However, a fee may be charged to manage difficult or more complex cases.  We will always discuss this with you once we have made an assessment of your circumstances and requirements.  There is no obligation to proceed with any recommendation we make.