Securing a mortgage on your first ever home is one of life's major milestones, and a huge achievement that you should be incredibly proud of...
Being a first-time buyer is tricky though. The process of getting your first mortgage can be incredibly overwhelming and more than a little confusing, that’s for sure. Deposits? Mortgage rates? Eligibility? Phew, it’s a lot. Luckily here at Happy Mortgage People, we can help with those feelings of overwhelm by equipping you with all you need to know. Today, we’re going to be sharing a handful of our top tips for first-time buyers, to ensure the process of locking in your first home is as smooth as possible.
Save as large of a deposit as you can to get the best rates
Whilst you may only need to put down a minimum deposit of 5%, that doesn’t mean you shouldn’t aim to put down more if you can.
Putting down a larger deposit will open up your options, making more products available for you to choose from and increasing your chances of securing cheaper rates.
Check your credit score
A poor credit score will drastically impact the amount you’re able to borrow and the rates you’re able to secure. In fact, a bad credit rating can sabotage your chances of even getting a mortgage at all.
When it comes to your finances, however, it’s key to remember that knowledge is power. By getting to grips with your finances and checking out your credit score well before you plan to apply for your mortgage, you’ll have plenty of time to improve your situation and get your finances together.
So plan ahead, and make sure you have all the facts at your fingertips. If your struggling with bad credit and are feeling at a loss, an experienced mortgage adviser can help you better understand your options and boost your chances of securing a mortgage.
Budget for additional fees and unforeseen costs
You may have tunnel vision at the moment as you race towards your savings goals, and may only have considered the deposit and mortgage alone.
Unfortunately, however, these are not the only costs involved in buying a home. It would serve you well, therefore, to ensure that you have money put aside for any extra costs and fees, such as…
- Conveyancing fees
- Arrangement fees
- Mortgage valuation fees
- Stamp duty on properties priced above £300k
- Property survey
- Removal costs
- Home Insurance
Do your research, get clued up and don’t be afraid to ask for help
It may sound a little obvious, but you really need to be in the know when looking to secure your first mortgage. Doing your research now will save you a lot of time and effort in the long run.
We know that the process can be long and arduous, which is why it’s also important to know when to ask for help if you feel you need it. That’s where we come in here at Happy Mortgage People. Working with a mortgage adviser may seem like an unnecessary additional cost, but this couldn’t be further from the truth. A good mortgage adviser will save you a huge amount of time and effort.
Here at Happy Mortgage People, we can make the process of securing your first-ever mortgage a lot simpler. Let us take the load off and get in touch today.
