Saving For a Mortgage
Start by saving up for your deposit, which is typically around 5% to 10% of your dream home’s value. There are 0% mortgages available for some first-time buyers, but these come at a cost—you will pay higher interest, which means larger monthly repayments, so make sure you can afford it before taking the plunge. You should also factor in additional costs like solicitors, surveyors, stamp duty, and other services to avoid financial surprises further down the road.
Starting Your Home Search
Resist the urge to rush into a decision. It can be easy to get carried away when you see properties that have been newly renovated or have all of the features you’re looking for in your dream home, but patience is key. You should research property price trends in your area and consider your long-term plans. Consider where you are in your life, what you want from your first home, and how long you plan to live there. These are all important things to consider and will have an impact on the house you end up buying.
Make a House Wishlist
What key features do you want your new home to have? And what are you willing to compromise on? These are vital questions and ones you should have considered before your search. If you are buying your first home with a partner, it’s important to discuss your wish list so that you are on the same page. Write down your must-have features and ones you might compromise on… the ‘nice to haves’. Stay flexible, but identify deal-breakers early on. Keep refining your list as you view properties to stay focused on what matters most to you.
Think About Monthly Payments
Budget, budget, budget. Before you dive too deep into the home-buying process, it’s essential to understand the full financial commitment. Consider all your monthly expenses, from utilities to essentials and insurance, alongside your mortgage payments. If this is your first time living away from home, be prepared for the financial responsibilities that come with homeownership. A realistic budget will set you up for success and prevent any unpleasant surprises down the line.
Use a Mortgage Advisor
Enlist the expertise of a mortgage advisor to find the best mortgage deals for you. Mortgage advisors have access to thousands of products, and they may just have a deal that you can’t access through your own research. They have access to the whole market, so they are best placed to find the best deal. They also have experience and market knowledge that could save you time and money.
Navigating the property market as a first-time buyer can be overwhelming, but with these tips, you can confidently approach the process. Your dream home awaits!
