Are you thinking of buying your first home? Buying a property for the first time is a big deal and can feel overwhelming when you haven’t been through the process before. Our first time buyer guide on how to navigate the process will help you. Let’s take a look at what’s involved…
Look at Your Savings and Employment Situation
Before you think of looking at properties it’s vital that you evaluate your current financial situation with fresh eyes with the view to getting approved for a mortgage. Things a lender will want to see is the ability to prove you can pay back the loan under the terms agreed. Your lender will also ask for your current employment status and income and outgoing history.
Talk to an Advisor
When navigating the home buying process for the first time, a qualified advisor is worth their weight in gold and will guide you through the process from start to finish. A local advisor will be able to advise you on everything from the current status of the housing market, what you need to do and provide to secure your mortgage and even the best lenders to approach for the best mortgage deal.
Ask Questions
It’s important that you understand the property buying process and everything you need to do to become a home owner and the risks associated with it. Never be afraid to ask questions to enable you to fully understand the process and move forward confident in your knowledge.
Consider Your Credit History
Is your credit history healthy? It’s one of the things your mortgage lender will look at to ensure they are more likely to get their loan back as agreed over the term of your mortgage. If you are still in the consideration stage of buying your first home, take a look at your credit history and take steps to ensure it looks healthy for at least six months prior to applying for a mortgage.
Compare Mortgages and Fees and Look for First Time Buyer Deals
Is the lender you are considering offering the best deal for your circumstances as a first time buyer? Are they offering any specific first time buyer deals? It’s important at this stage to shop around, look at different lenders and what they can offer you as you take your first step on the property ladder. Your mortgage advisor can also help with this.
We hope this guide has helped you as you begin the exciting journey of owning your first home. If you need some extra support, advice and guidance, our team are happy to help and advise you. Contact us here.