First Time Buyers Guide | Blog | Bespoke Home Finanace

First Time Buyer Guide

So you have been saving for years and now it is time to buy your first home now comes the tricky part of actually buying one. Being a first-time buyer can seem overwhelming but fear not as Bespoke Home Finance has seen many individuals and couples in this same situation over the years. We have put together this first-time buyer guide to help you with this huge milestone in your life. If you have any further questions for us about first-time buyer mortgages then get in touch with us today! 

Can I Afford It?

Your research is key for this, we recommend that you first look at local house prices in the area, you can also look at past houses and see how much they sold for. There are other factors as well to take into consideration, it won’t simply be just the price of the house you will have to pay for. Here are some of the other additional costs to think about:

  • Removal costs
  • Solicitor’s fees
  • Costs of surveys
  • Furnishings and decorations 
  • Stamp Duty

How Much Deposit Will I Need to Buy a House?

When it comes to deposits for your first home, the higher deposit you have, the cheaper the mortgage offer available to you. The majority of mortgage lenders will ask for a deposit of between five per cent and 20 per cent on a first home, therefore a minimum £10,000 deposit would be needed for a £200,000 property, or £7,500 for a £150,000 property. We recommend seeking out professional advice on this as first-time mortgage advisors can help you find the best deal for you. At Bespoke Home Finance we have extensive knowledge and advice that will put your mind at ease when you are looking to buy new build homes.

Help to Buy

Recently the government has said it will extend Help to Buy, with a new scheme starting in April 2021 after the current one finishes and runs until March 2023. As with the current scheme, it will provide buyers with loans up to 20 per cent of the cost of a newly built home and up to 40 per cent in London. 

There are many ways in which you can search for new homes for sale. You can search new homes for sale from the UK’s leading developers such as Barratt Homes, Persimmon Homes and Linden Homes, many of which qualify for the Help to Buy scheme. At Bespoke Home Finance you can be the first to know of any new builds that come available in the area of your choice. This is down to our hardworking team who will work with you to find the home you want and at the budget you have in mind.  

Find Your Ideal Home

At Bespoke Home Finance we can help you choose your price range, property type and the number of bedrooms as well as search for specifics, such as parking or a garden. In addition, we will tailor our service to you, ensuring you can include train stations and schools or whatever else is relevant and important for you. We want to make sure that the process is stress-free and jargon-free as possible. 

Find a Local Agent 

We understand that the house buying process can be full of surprising twists and turns so it is important to consult with local estate agents because we understand the market better than anyone in their particular area. At Bespoke Home Finance can help guide you through the entire buying process. Did you know that the government suggests buying a home usually takes between two and three months? We recommend that you should get as organised as possible from the get-go.

Whether you’re applying for a mortgage or getting a solicitor on board, there are documents you’ll need to have to hand as you go through the process, whether that’s proof of identity, proof of address or proof of where your funds are coming from. These include passports and utility bills, bank statements, self-assessment documents and a letter if you’re being gifted money, for example. We will be able to help guide you through all of this.

How to Make a Competitive Offer as a First-Time Buyer

The more information you have, the better informed you are about what local houses are being sold for. This will make you appreciate what it might be worth offering for a property. If you are looking for first-time buyer advisors who are trustworthy and provide professional advice to guide you every step of the way, then look no further than Bespoke Home Finance. Based in Scotland we’re well place to provide independent mortgage advice in Edinburgh, Glasgow, across Scotland, and even all over the UK. Call us today on 0330 111 2477 or fill in a contact form below.

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