First Time Buyer Advice

Buying your first home can be a daunting prospect. There are lots of elements to think about and do before you make your next move throughout the process. However, with a little research and planning, moving into your first property can be exciting and smooth, without the need for excess stress. The Mortgage Mom has put together some top tips to help you get started.

Save save save


It goes without saying but before you buy your first home, you need to make sure you have an adequate amount of money saved. Make sure you are not only saving for your mortgage but for everything you will need after that too.

Your down payment amount will depend on the type of mortgage you choose and the lender. In most cases, you will need a mortgage deposit of around 5% of the value of your property. However, the average first-time buyer deposit for a house in the UK is around 15%. The bigger the deposit you make, the lower the mortgage interest rate and the smaller your monthly repayments will be. Long term the best thing you can do is save as much as possible for your initial costs so that the long term costs will be less of a sting.

Set your house budget


It can be tempting to forget your initial budget and rely on borrowing money, but this can lead you down a rabbit hole you might not be able to get out of easily. Set your budget and stick to it. That way, costs won’t come as too much of a shock to you and if you’re lucky, you might end up spending less than you thought you would.

Make sure you consider everything your budget needs to cover. Unfortunately, it isn’t just the purchase of the house! You’ll need some spare cash after the home purchase, which is something that often gets forgotten. Set some money aside for things like upgrades, decor, home repairs and furnishings.

Check your credit score

The credit score is an important aspect of home buying that many first time buyers don’t know about. Check your credit score and if it is low, work to improve it before you looking into purchasing a property and getting a mortgage. Your credit score will determine your eligibility for getting a mortgage, as well as the interest rate that lenders will consider offering. Experian and ClearScore are examples of sources that you can quickly and easily find out your credit score for free.

Seek mortgage advice


If you feel a bit lost amongst all of the information, getting help from a mortgage advisor can make things a whole lot easier. Based in Sutton Coldfield, The Mortgage Mom offer mortgage advice in Birmingham and beyond. We have been offering advice and help on mortgages, life insurance and income protection for more than 4 years. We do this in a way that makes things easy for you, whether you are looking to get a mortgage for a flat, house or another property type. By breaking things down for you and explaining all the steps, you can relax and look forward to your new house, or just be comfortable in the knowledge that you’ve got things covered.

Make a house checklist


Making lists is a top tip for every walk of life, not just mortgages! Make a checklist of everything that you are looking for in a house, things you need to do and the aspects that you need to work on in order to reach your goals. Write these in order of importance so that you have a better idea of what needs doing and when.

Get in touch with The Mortgage Mom

Ready to go? Want a little more advice? Get in touch with The Mortgage Mom today, a trusted Birmingham mortgage adviser. We will help you on your way to buying your first home and securing a mortgage that works for you. We can’t wait to hear from you!