A guide for first time buyers
Buying a new home can be a very long and stressful experience for anyone, whether you are a first time buyer or looking to buy a new home you need to have a good understanding of how mortgages work and the challenges and risks associated with getting a mortgage.
So I you are thinking about buying a new home take a look at our introductory guide to mortgages and familiarise yourself with the process.
New home Budget
First things first! How much are you looking to spend on a new property? How much of a deposit have you got saved up? Before you initiate the process and approach a lender or broker you need to have a rough idea of what you are able to afford, there are a lot or useful calculators online including Googles own calculator that allow you to estimate roughly your monthly mortgage payments. These calculators give you an estimate that’s going to be different from your actual payments but at least you get an idea of what you can go for. Halifax have also recently released a calculator app that’s very helpful.
Find your dream home
Getting your budget sorted is the first step, now you can start looking at properties! Sites like rightmove allow you to search for properties in your area, before you do so through its best to make note of your requirements. The questions you need to ask yourself are:
What type of property are you looking for?
Is size more important than location?
Do you want a garden?
Do have any specific requirement for your new home?
Getting a mortgage
There are a number of different ways of going about this, you can apply directly to the bank you are wanting to get a mortgage with or go through a broker. Brokers can assist you in finding the right deal for your situation by accessing the lenders they work with and helping you out with the paperwork requirements.
Once you or your broker has finished submitting all the paperwork required and you have a mortgage, then you can make an offer. This is done through a solicitor/lawyer and the estate agent that’s dealing with the property. You can still make an offer if you have a mortgage in principle. If the seller is happy with the offer submitted then the process begins.