The process of purchasing your first home may be a daunting thought. With so many steps and hurdles, the process can become strenuous for first time home buyers. So, if you’re looking to buy your first home but aren’t sure where to start, these tips have been put together to aid home buyers in making their final decision.
When you come to us at Bespoke Home Finance, communication and professionalism are our top priorities. Our Principal, James McQuistin has been in financial services since 2002. Our client base covers across the UK and we are very proud of the work we carry out for them.
Contact us today on 0330 111 2477 or fill in a contact form. We look forward to hearing from you, there is no obligation or no high-pressure tactics on ours. We offer our services to you and want you to have the perfect experience with us.
1. Start Saving As Soon As Possible
With the market for deposits changing on a weekly basis, with prices ranging depending on location, size etc, we recommend saving as much as you can. Doing so, any unnecessary surprises will be refrained from arising, in an already mind taking process. We’d recommend going above your set saving goal, without having to sacrifice too much money in other areas.
It’s also worth exploring products that will help you save. For example, if you save into a Lifetime ISA, or Help to Buy ISA, the Government will add a 25 percent bonus to your savings.
2. Work Out Your Budget, Begin Speaking To Mortgage Advisors
A mortgage adviser will look at your income, any debts you have, and your deposit, to make an assessment on how much you can borrow.
It’s important to do this at the start of your house hunt, so your search is realistic. You should also be able to get a mortgage offer in principle, which shows sellers that your finances are already in place and that you’re an attractive buyer.
3. Be Sure To Research
There’s nothing worse than falling in love with a property or an area that’s simply out of your budget.
You should always ensure that you have thoroughly researched which areas you can afford to buy in, and consider the type of property you’re looking for before you start your search.
4. Have Paperwork At The Ready
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, as you’ll need to share them 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 recent payslips and bank statements, to your mortgage adviser.
5. Patience Is Key
Our final step is less about the process and more about the home buyer’s wellbeing. House purchases rarely stick to the expected time frames. It might take you several months to find your ideal property, and then the transaction can take a while as well. It’s probably one of the biggest financial commitments you’ll make in your lifetime, so it’s important not to rush it.
