A First Time Buyers Guide to Starting Out

Buying your first home can be an exciting but daunting process. Knowing exactly what to expect and what will be expected of you can be a lot of information to take in. For this reason, it is helpful to have a first time buyer checklist and make sure you get a specific first time buyer mortgage advisor to help you know exactly what you need to do and when.

‘Your home may be repossessed if you do not keep up repayments on your mortgage’

First Time Buyer Checklist

Preparing for your application correctly can take time, patience, and dedication, especially if you have a less than perfect credit record.

Before your application goes in, your first-time buyer mortgage application advisor can work with you to prepare your finances and guide you on strengthening your application for the best chance of success. This can include things such as;

  • Paying down debts
  • Removing mistakes from your credit record
  • Removing old financial partners and disavowing links to old joint credit
  • Paying attention to your incoming and outgoing payments
  • Making current credit payments, including rent, on time
  • Being on the electoral roll
  • Closing old and inactive accounts

First Time Buyer Costs

Many first time buyers will be unaware of exactly how much they will need to set aside in fees. This is where the skill set of a first time buyer mortgage advisor can be of assistance. At Prestige Mortgage Solutions, we can work with you to help you understand the fees associated with the home buying process, speak to your lenders, estate agents, and solicitors, and help to take out the right insurance premiums for your circumstances.

First-time buyer costs you can expect to pay include;

  • Mortgage advisors fees
  • Estate Agent Fees
  • Mortgage fees
  • Survey fees
  • Conveyancing fees
  • Land and Buildings Transaction Tax

These costs will need to be paid outside of your mortgage, meaning you will be liable to pay them as part of the process. It is essential to find out exactly how much this will cost you to make sure you can still afford the fees and put down your deposit too. If not, you will need to assess your finances to ensure you can easily afford the requirements and get the mortgage you need.

Mortgages For First Time Buyers

Understanding the jargon associated with the home buying process can be confusing at first. With so many different mortgages, including fixed-rate mortgages, variable-rate mortgages, loan to value ratios, offset mortgages and more, knowing exactly what option is right for you can be overwhelming.

As such, understanding all the terminology part of your first time buyers checklist can be invaluable, and if you need to have anything clarified, you can talk it through with your first time buyer mortgage advisor. Ask us for more details on our service for first-time buyers.

Pitfalls for First Time Buyers

The last thing you want to do is make a mistake that can jeopardise your mortgage and set you back on your home buying journey. The first one is underestimating first-time buyer costs. The second is not getting expert mortgage advice. Other tips to avoid are;

  • Viewing homes before getting a mortgage
  • Applying for a mortgage before preparing your finances properly
  • Not having the correct paperwork or evidence to support your application
  • Not understanding how chains work
  • Not knowing the actual cost of homeownership
  • Neglecting to get building and contents or life insurance

You are in safe hands with us at Prestige Mortgage Solutions when it comes to first time home buyers. Contact us today for more information.