Top tips for first-time buyers

If you’re a first-time buyer and keen to get on the housing ladder, there are a number of steps you can take to help you secure the home of your dreams and take the stress out of the moving process.

Here are our top tips for first-time buyers:

1. Check your affordability.

Our mortgage affordability and mortgage repayment calculators will show you what your monthly costs are likely to be and what size mortgage you could be offered – be prepared!

2. Use your savings.

By pumping some or all of your savings into your deposit, you’ll reduce your loan to value (LTV) ratio (the amount you need to borrow in relation to the price of your new home) and increase your chances of getting a better interest rate.

3. Overpay your mortgage.

If you want to reduce the interest you pay on your mortgage and clear your loan more quickly, use any disposable income to make higher repayments. Make sure you check out whether you’ll be penalised before overpaying first, although most lenders will allow you to overpay up to a certain limit of your outstanding balance each year.

4. See if you qualify for help.

There are several options that might be open to you to help you secure your dream home. Research Help to Buy, shared ownership and starter homes schemes to see if they apply to your purchase.

5. Budget and plan ahead.

Your mortgage lender will want to know you can afford your mortgage repayments so try to boost your deposit and cut out any unnecessary expenditure and improve your credit score before you apply.

6. Talk to a mortgage expert.

If you’re a first-time buyer our team of local expert mortgage advisers can help – call us on 08454 500200 or click here to make an enquiry.