Buying your first home is exciting! You finally get to own your home, furnish things the way you’d love to, and perhaps share a home with a friend or partner for the first time.
But like so many things in life, where there is pleasure, there is pain.
Buying your first home and acquiring the mortgage that comes with it can be confusing – which leads to fear and stress. Terminology and jargon used that you don’t understand and processes that seem endless will frustrate you. But don’t be put off! Here are our tips to help ease you into your first home.
Get a mortgage in principle before you begin your search
There’s no point beginning your property search, finding a house you love to then learn lenders won’t give you a large enough mortgage. Agreeing a mortgage in principal with a lender ensures you know your budget and demonstrates to estate agents and sellers that you are a serious buyer. It also gives you the edge over other buyers who aren’t in such a strong position as you.
Understand how estate agent mortgages advice works
Some estate agents may offer you a mortgage advice service. This can make things nice and simple because the estate agent is offering a fully rounded package. However, the advisor is unlikely in these instances, to have access to the whole of market, and therefore will not be able to tailor a mortgage search to your specific needs. This means that you’re unlikely to get the best deal, but rather an ‘off the shelf’ offer.
Don’t rush into a purchase
It’s easier said than done, but don’t get swept up into the excitement of purchasing your first home and rush into putting in an offer. Always, always, always do your research on the property and its neighbourhood. Try to find out if there any developments in the offing that will cause disruption to the roads, your views or noise levels. Walk around the neighbourhood at different times of day and assess what it’s like in the early evening, late at night, when schools finish for the day and such like. Is it sociable enough for you … or perhaps too sociable?
Know that a lender valuation is different to a survey
A mortgage lender will send someone to the property to evaluate the property and its value on their behalf to gauge whether it is worth the amount being paid. This IS NOT a house survey. If you want to ensure there’s nothing seriously wrong with the property such as damp or structural problems, you’ll need to pay for your own survey.
Use an independent mortgage broker – naturally!
Your home is the biggest purchase of your life and the smallest of mistakes or miscalculation can have large and long-term consequences. An independent mortgage adviser such as Mortgage Search Go will put you first because they are not tied to any one lender. This gives them the freedom to advise and support you through the mortgage process and find the best deal for you, and for your first home.
You should be excited - this is you are about to purchase your first home. A little bit of preparation will go a long way to keeping the excitement levels high, and the stress at bay.
Call Mortgage Search Go on 0844 69 333 60 or click here to contact us if you’d like first class advice.
Please be aware - your property may be repossessed if you do not keep up with repayments on your mortgage.