AD | Hey lovelies, being a first-time buyer can be really daunting. Prior to starting the process of buying my own home, I knew absolutely nothing about mortgages, how to buy a house or anything about the process itself. The only thing I really understood was that I would need to save a large sum for my deposit. In the past few weeks, I’ve learnt a fair amount about being a first-time buyer and I’ll be sharing what I’ve learnt with you.
Check Your Finances
One of the best tips I can give you is to realistically calculate what you can afford to spend. We all love the idea of a 4-bedroom home, with a gorgeous lounge, home office and everything else – but this can have a really large price tag on it. Realistic expectations are needed when you buy your first property. There’s nothing to say you won’t have all the things mentioned above but know your financial limits. You want monthly repayments that you can afford to pay comfortably.
The deposit isn’t the only expense you’ll have to contend with when buying a house, and the deposit percentage can vary between 5%, 10% or 15%. Having an idea of what you can spend will allow you to pick a house within your budget but also keep you conscious of other fees you’ll be paying out – whether this is legal fees, the cost of moving and/or the cost of furnishing a new home. You might also need to consider the cost of using a mortgage broker/ advisor.
Sort Your Credit Score
I really didn’t appreciate the value that your credit score has when it comes to a mortgage. Having a poor credit score doesn’t mean you won’t be able to get a mortgage – it just means that you might get higher interest rates and need a larger deposit.
To improve your credit score, register your details on to the electoral roll if you haven’t already. Make sure you don’t miss any payments on your credit cards and stay within your credit limits.
I would recommend checking your credit report yourself. This allows you to not only see if there are any mistakes on your credit file, but to navigate how much you owe, whether this is through online shopping catalogues, loans, credit cards or your phone contract.
Consider A Mortgage Advisor/ Broker
The mortgage aspect of buying a house can be really daunting, and sometimes you really do need that extra bit of help. As a first-time buyer, you won’t have much – if any – experience of getting a mortgage. To help you through the process, you may want to speak to a mortgage advisor and broker. This is someone who arranges a mortgage between the customer and the lender.
Here’s where Mortgage Light come in. They are a mortgage advisor and broker service based in Milton Keynes and surrounding areas. This company is passionate about making mortgages easy to understand. They know that when advised properly, a mortgage is not as confusing as it may seem on the surface. You just need someone to explain things to you properly. They will be able to answer any of your questions, whether you’re looking into the Help to Buy scheme, Shared Ownership, Buy-to-Let, or simply your first or next mortgage. Their aim is help you understand every single step of the mortgage process.
Buying your first home really shouldn’t be a stressful experience. For this reason, I’d always recommend getting an advisor.
Location, Location, Location
Excuse the pun but knowing what location you want is really an important factor in picking your first-time home. You really want somewhere that is going to cater to your needs; somewhere that is close to your workplace or means of travel, your family etc. Personally, I looked for somewhere that was walking distance from a train station because I travel a lot for my PhD and to see my family. I also wanted somewhere that was close to the local university as I use the facilities there, and away from any main roads.
If being near a school is important to you, this handy tool will help you find the closest schools. You can also check your local crime rate here.
Always Have A Second Viewing
When buying your first home, you should always have one more than one viewing. Buying a property is the biggest financial decision you’ll ever make; you want to make sure it’s the right place for you, and you see future potential in it. I actually went to see my flat three times before making my final decision.
Always make sure to check for things that might be a problem such as leaks, mould, dodgy roofs. Always ask about fixtures and fittings as well. If it’s an older property you may want to get a surveyor to check the place out.
There is honestly so much I’ve learnt from being a first-time buyer. I’d love to know in the comments if you’re looking to buy your first property or what your experience was like as a first-time buyer.
If you enjoyed this post please check out my latest posts, Affordable Moonpig Christmas Gifts: Christmas Shopping Across The Miles and 25 Valuable Self Care Ideas To Boost Your Mental Health
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Firstly mahooooosive congrats on buying your first home, I’m so excited for you! These are really good tips, Kayleigh. One thing I’d add is that most mortgage lenders will want to get their own valuation survey done as well, which is different to any structural survey the buyer might want. This is so they know what they can expect to get if they have to repossess and sell the property. They’ll only tend to lend what that survey tells them they’ll get back. Proud of you gal, exciting times! xx
Lisa | http://www.lisasnotebook.com
Congratulations on buying your first home, that’s amazing news! Really great post too with so many helpful tips xx
http://www.dellalovesnutella.co.uk/
This is such valuable advice for first time buyers Kayleigh, I’ve bookmarked this post as I’m hoping to move out next year x
Lucy | http://www.lucymary.co.uk
Congrats on the house – such an exciting time! These are fab tips – I’ll be keeping them in mind for when I try to get my first house. Definitely agree that location is the most important thing, they always say to buy the worst house on the best street as the location is so important!
Tash // A Girl with a View
Congratulations on buying a house! I wouldn’t know where to start – it sounds like there is so much research and paperwork to do. But this is such a useful guide that I would definitely come back to if I buy a house! xx
Congrats on buying your first place! These are great tips!
Congratulations on buying your first home! I live in a rented apartment, but one day I would love to have my own home & I’ll definitely keep these tips in mind.
This is such a useful post! I am currently in the process of saving for a deposit, although that is taking me a lot longer than I first envisioned! It’s good to know about the extra costs, as you can really get stuck into the thought of only needing the deposit.
Thanks for sharing!
Aimsy xoxo
https://www.aimsysantics.co.uk
Congrats on buying a house, that’s so exciting! These tips are so handy, there’s so much to think about as a first time buyer, it’s so easy to forget about a lot of bits!
Nicola
Congratulations on your first home, how exciting! These are some wonderful tips, I am working on them all. Can’t wait to get my own home.
Mel 🌙 | Moonlight Mel
Congratulations on buying your first house Kayleigh! We bought our second house in 2019 and couldn’t believe that I went through the process for the first time more than 20 years ago 😲 It’s such a stressful time but these tips are helpful – I’d also add that you end up spending more time than anticipated chasing up your solicitor… 😠
Firstly, congratulations on getting onto the property ladder – you should be so proud of yourself! These are some amazing tips, when we first bought our house we had help from people older than us but nothing like this blog post. This post is helpful but also to the point – it’s such an overwhelming experience but this could really help someone trying to buy!
Rosie
Congratulations on buying your first home!! 💚 I don’t think we’d have been able to do it without a mortgage broker. It’s so daunting buying your first home isn’t it!
Claire.X
http://www.clairemac.co.uk
Congratulations on buying your first home!! That is such an amazing achievement and the advice was super helpful. I feel so stressed thinking that I need my forever home but it’s also such an exciting thought as well. I probably should stop using Afterpay for my clothes shopping because I think that can affect credit score – whoops haha x
http://thesydneysider.com/
Congrats on your first house! It must be exciting! These are important suggestions!
xoxo
Lovely
http://www.mynameislovely.com
Congratulations once again on getting the flat!! I think it’s crazy how ill prepared we are for things like mortgages unless we have parents who have taught us about that sort of stuff. I’m quite fortunate that my mum bought and sold a few rental properties during my childhood and I asked a million questions about that sort of stuff then, but there really should be more done to educate people about mortgages and finances, in general, I think x
Sophie
I’d also recommend checking out the neighbourhood at various times of the day if you can, just to gauge noise levels and traffic! 🙂 xx
Congratulations on scoring your first house! I can’t wait to buy my first house, and it’s interesting to read your points. Currently we have enough for a deposit and a few months of mortgage, but it’s incredible hard to start building a credit score when no one will give a credit card. Thank you for the tips!
Em | http://www.loveemblog.com x
Wow! Buying your first home is such a huge achievement! I agree — check your finances always. Figure out if you can realistically pay it off before it dues. Great! Make smart choices!
I’m looking to buy next year so this is super helpful! I’ve heard getting the property surveyed is really recommended too!
First of all congratulations on your new house!! We have been having a look around too and there’s so much to consider on top of money I was overwhelmed! Thank you for sharing all these tips, will surely make use of them when buying x
I love this! So informative – me and my partner are currently working towards purchasing our first property, and it’s so good to get advice from someone who already knows the ropes!
Rebecca