Top tips for first time buyers
There is no doubt that buying your first home can be one of the most exciting things you will ever do. Equally, as it is a huge financial commitment it can be very stressful and you can quickly become inundated with information on subjects you know nothing about such as mortgages, moving costs, surveys and the legal process.
Here, Stuart Rowland, head of Conveyancing at Walker Foster gives his top tips to first-time buyers taking the plunge for the very first time. Stuart’s tips are based on his many years of really getting to know his first-time buyer clients and gaining an insight of the issues they have faced when looking for their first home.
- Before you start looking for your first new home, make sure you have saved as much as you possibly can. The more money you have behind you, the better equipped you will be to get the right mortgage and meet all the costs associated with buying your first home.
- Make sure you are on the electoral register. If you are registered with a permanent address and you are eligible to vote, this strengthens your credit score which is important once you start to apply for your mortgage.
- When it comes to sourcing the right mortgage, consider using a good independent mortgage broker. They will have access to what is known as ‘Whole of market’ which means they know and understand the lending criteria of many of the lenders, know what deals are available and which type of mortgage would best suite your personal circumstances. You can also get an idea of what’s available by looking at comparison sites such as uSwitch https://www.uswitch.com/mortgages , Money Advice Service http://www.moneyadviceservice.org.uk or Money Saving Expert https://www.moneysavingexpert.com
- Get to grips with all of the costs associated with buying a home. Typically, these include:
- Mortgage arrangement fees.
- Valuation/Survey fees.
- Legal costs – including all of the add on’s known as ‘disbursements’ which are payable to your Solicitor. If the Solicitor doesn’t offer you a full break down of these costs, ask for it. We always offer our clients a full breakdown so they know exactly what is payable and when.
- Removal costs. If for example you are coming out of rented property and you need to move furniture and personal effects in to your new home.