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Top Tips for First-Time Buyers 2020

Getting onto the property ladder for first-time buyers is proving more and more difficult as time goes on, especially if you have found yourself stuck renting or have no savings. However, if you start putting a set sum of money

Getting onto the property ladder for first-time buyers is proving more and more difficult as time goes on, especially if you have found yourself stuck renting or have no savings. However, if you start putting a set sum of money into your savings account every month from early on, this will help you work towards your savings goal – remember the sooner you start saving the sooner you’ll be able to buy your own home. 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% bonus to your savings which can prove to be a real help.

Budgeting

The next step is to work out realistically what you could afford to pay each month. Any mortgage you apply for needs to be within your financial comfort zone; if you think you’ll struggle to afford monthly payments if say your interest rates went up, then maybe opt for a slightly lower mortgage. Once you have managed to save enough money and believe you have worked out a sensible budget, the next step is to speak to a mortgage adviser; A mortgage adviser will look at your income, any debts you have, and your deposit, to make an assessment on how much they believe you could borrow. 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.

Research

Once you have everything in place you should then have a good idea on what type of house you can afford before you start your search. Do some research into areas you like and what the house prices are within that area, this will help prevent you from falling in love with a property in an area you simply can’t afford. Make sure you also take into consideration the additional fees such as stamp duty and arrangement fees; do some research into these additional costs and work them into your budget before you make any offers.

Survey

Once you’ve decided on a property you love, consider getting a Survey done; this is optional but could help you to avoid the expense of discovering unwanted surprises after you have purchased your home. Buying a home is the single most expensive purchase most people will make in their lifetime, so it makes sense to ensure there are no hidden faults before buying – it could also help in negotiating a fair price for the property. A survey is an investment in your home and it should always be done by a qualified professional. All Avery surveyors are members of the Royal Institution of Chartered Surveyors (RICS)  and follow their guidelines and practice standards.

Paperwork

Once you have sorted all the above and have an offer accepted, 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. Having the relevant and necessary paperwork ready will help speed the process along. 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.

If you would like any advice about getting a survey if you are first-time buyers or seasoned home owners, we would be happy to talk through your options with you. You can contact us here or call us on 0151 321 2000 , we would be happy to help!

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