Buying your first home can seem like a daunting and confusing task. With a range of options available and a lack of experience, it’s often a struggle to get the optimum result. But fear not! We’re here with our easy guide for first-time buyers.
Considerations
The first step in this process is to determine your ideal home within your budget. It’s important to consider your long-term goals and how this will affect your first home. Do you have any career plans which may force you to suddenly up sticks? Are you planning on starting a family in the future? Do you work from home and require super-fast broadband? How much mortgage do you qualify for? These things are important considerations to bear in mind as they may affect your budget.
Appeal to money lenders
Most first time home buyers are going to need a mortgage to help pay for the property. In order to get a mortgage, you need to appeal to lenders. When you first apply for a mortgage, most lenders will run your details through a computerised credit scoring system. So it’s important that you have a good credit score so you appeal to lenders. Luckily, because so many people apply for mortgages, they’re not looking for anything out of the ordinary. However, that doesn’t mean your applications will always be approved. But there are some things you can do to make that approval more likely. Lenders will look for evidence that you’re a reliable borrower. By always paying off your credit cards in full each month, they will see that you can manage credit accounts. Even things like paying for phone bills and utility services can help make you more attractive to lenders.
Consider your financial options and mortgages
This is something that first-time buyers often struggle with as there are so many options available. Different mortgages can affect the amount you repay every month, so it’s important you think this through. If you’re struggling with this part of the process, there are a number of websites which will compare different mortgages for you. There are also various schemes specifically for first-time buyers, like, shared ownership and mortgages for key workers. In 2013, the Government launched their Help to Buy scheme, which is designed to help first-time buyers get on the property ladder by giving them access to low deposit mortgages.
Another important consideration to bear in mind is the extra costs of buying a home. As well as the cost of the property, there are a number of other costs you may encounter. Legal fees, stamp duty, and surveyor’s fees are all costs you may be faced with. Even hiring removal men adds to the cost and may soon be eating up your budget.
Seek Advice
Finally, if you’re struggling with the process, whether the whole process or a small part of it, seek help from someone else. This can be friends or family, or professional help from a solicitor or estate agent. Norfolk Property Online is happy to help with any questions you may have. We’re contactable 24/7 by phone, email or in person.
If you’re thinking of buying or selling, get in touch! We’re a friendly bunch, passionate about our county and our counties beautiful properties. We can be reached on 01603 300900, by email [email protected], or pop in and see us at De Vere House, St Faiths Lane, Norwich, NR1 1NE
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