Top Tips For First-Time Buyers
Buying your first home is exciting, but it can be overwhelming with many decisions to make. From navigating mortgages to saving for a deposit, the right advice can make all the difference. To help, we've gathered our top tips for first-time buyers to guide you through the process.
Start Saving for a House Deposit Early
According to the English Housing Survey, the average house deposit is nearly £45,000, which can make homeownership feel unattainable for many first-time buyers. However, starting to save as early as possible can bring you closer to your goal.
With the average age of first-time buyers at 32, those in their twenties have the advantage of time to plan ahead. Consider exploring saving options like a Lifetime ISA and researching first-time buyer schemes that could help you boost your savings
Consult a Mortgage Adviser
A mortgage adviser can help assess your financial situation, including your income and any existing debts, to determine how much you can realistically borrow. While online mortgage calculators can provide a rough estimate, a professional adviser will give you a more accurate picture. Most first-time buyers opt for mortgage terms ranging from 20 to 30+ years.
It's essential to get this guidance early in your home search to ensure you're looking at properties within your budget. Additionally, securing a mortgage offer in principle shows sellers that your finances are in order, making you a more appealing buyer.
Research Affordable Areas to Buy In
Avoid the disappointment of falling for a property or neighbourhood that's beyond your budget by researching areas you can afford before you begin your search. Take the time to explore different locations and understand property prices in those regions. Also, consider the type of home you're looking for, so you can focus your search on properties that align with both your budget and preferences.
Have your paperwork ready to go
Once you have an offer accepted you’ll need to submit various bits of paperwork to get the process moving. Make sure you’ve got copies of your ID and utility bills with your name on them, you’ll need to share these with your estate agent.
You should also be ready to start the mortgage process and instruct a solicitor. Depending on how long it’s been since you had your mortgage in principle agreed, you may need to resubmit paperwork such as payslips and bank statements to your mortgage adviser.