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Getting on the Property Ladder – Tips for First Time Buyers

Helping you purchase your first home

There's a lot to think about when it comes to buying your first home. With many different routes to consider, we've put together a few tips to help you get on the property ladder and secure your first home!


1. Whole of the market advice

With large financial commitments like mortgages, it's vital you are confident you have selected the best option. Every individual has different needs and goals, so an off-the-shelf mortgage will not necessarily be the best fit for you.

Research is essential! By speaking with a Mortgage Adviser with access to the Whole of the Market, you can ensure all possibilities have been considered. We offer a completely free all-in-one mortgage service, assessing your needs, and taking your mortgage through to completion.

2. Know what's affordable

When you start looking at houses, it's easy to let your budget creep up, but there's nothing worse than setting your expectations on a property that you later find out you can't afford. Lenders will make an assessment by deducting your existing debts from your income, so reducing your credit commitments before you apply for your mortgage is a great way of increasing your affordability.
With access to mainstream and specialist lenders, we will assess all of the options available to you. We can also advise you on how best we can maximize your affordability while making the monthly payments more affordable.

3. Get application ready

Different lenders look at different things, but the majority will need to assess your credit report to ensure you fit their lending criteria. Taking a look at your credit report before applying for a mortgage helps you understand what lenders will see and stops any nasty surprises if a lender spots something you weren't aware of!

We recommend looking at your credit report regularly to ensure everything is as you would expect and that there are no errors working against you! We can provide you with options based on your credit now, and also recommendations of what you could get if certain changes were made.

4. Saving for a deposit

Getting a lump sum of money together for a deposit can be tricky, but saving little and often can go a long way! All mortgage providers will ask for some form of deposit, but this can be as low as 5% of the purchase price. If you are able to get a bit more money together, a higher deposit (when compared to the property price) usually leads to more competitive interest rates. If your family have savings, there are also many options that allow your family members to keep their savings, while adding towards your buying ability!

As a first-time buyer, you may able be able to make use of Government-backed schemes that are designed to help get individuals onto the property ladder. By talking to you about your circumstances, we will be able to advise you on what option is best for you.

5. Keep it manageable

There can be a lot of costs involved in new property purchases. After you have your deposit together and are ready to make an offer on the new property, it's important to ensure you are aware of all of the costs involved! Firstly many mortgages will come with a product fee, in most cases, this can be added to the loan but this might impact your total borrowing capacity. There are also often valuation fees, which in most cases are payable upon application (although we may be able to find you an alternative with a free basic valuation!). If you want reassurances that there are no structural issues with the property you are buying, before committing to the purchase we can arrange for a HomeBuyers valuation to be carried out.

Many mortgage brokers then also charge a "Broker Fee" that would be payable up-front... we don't! With our All-in-One mortgage solution, we sort out both your mortgage and the protection policy needed to cover the balance, for no cost!
We will always provide you with a full breakdown of the costs you can expect to pay before you decide to proceed. If you would like to see the costs and options available to you drop us a message.

The added value of advice

Talking to a professional working within the industry and talking to lenders daily gives you confidence that you've gone for the right product. Our service ensures your property purchase goes as smooth as possible! You choose how it's arranged! Arrange a meeting at our office, talk with us over the phone, Facebook, Zoom or via email. We communicate with lenders, solicitors and estate agents to ensure everything is moving in the right direction!

Once your mortgage is up and running our service doesn’t stop there, we will contact you when your fixed rate is coming to an end to ensure you can lock in a new rate of interest before moving onto the lenders higher, standard variable rate.
Fill in the contact form below if you would like a review of your mortgage options.

Georgia Evans
Georgia Evans
Georgia has found solutions for all sorts of mortgages, with a wealth of experience helping first-time buyers, home movers and those looking for specialist finance! If you want an honest verdict on the property finance options available to you, get in touch with Georgia!

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