Essential Key Tips To Find First Time Home Buyers
Buying your first home is a big accomplishment in anyone’s life. It can be exciting and nerve-wracking, but it doesn’t have to be tough. In 2018, the average property price in UK cities was just over £248,000, more than seven times average earnings. Many people find it difficult to buy because of this, but there are many things first-time buyers can do to improve their chances of becoming homeowners.
If you’re not yet in that boat and are just getting prepared to make the big jump into homeownership, here are some tips to help first time buyers mortgage make the process as easy as possible:
Guide for First Time Home Buyers in London
Research is Essential:
In the United Kingdom, first time home buyers should always begin their search by doing considerable research. It includes maps of your ideal area to see how far it is from schools, stores, other facilities, real estate websites to see what’s available, and social media accounts to get opinions on different houses. Also, set an appointment to meet with a reputable mortgage broker in your area. They’ll be able to connect you with the best lenders and help you get a great rate.
Confirm If You Can Afford It:
Before buying your first home, make sure you can afford it. You’ll need to put down a deposit of 5% to 20% of the property’s value, and the more you put down, the better your mortgage rate will be.
Your deposit, salary, debts, and credit score all play a role in your ability to gain a mortgage. Lenders will also see if you can afford the monthly payments if interest rates rise or your situation changes. Additional costs like legal fees, stamp duty, survey costs, moving costs, and the cost of living must also be considered.
You may start looking for homes once you know your budget and what ones you can afford. Start your search for a home online. Start with the location and consider what you want and need from home. Filter this list to locate your ideal house by property type, number of bedrooms, price, and any other terms relevant to your search. Next, set up a meeting with estate agents, who can help you move closer to finding a home by providing expert advice and unique property viewings before they go on the market.
Also Read: Ultimate Guide of Mortgage Guarantee Scheme
After that, you must view properties to ensure that they are suitable for you. When viewing homes, keep an eye out for factors like dampness, aspect, neighbourhood, room size, noise, electrics and services, garden, cracks in walls and ceilings, leaks, parking, drainage, security, and the property’s condition. Using a checklist like this can help recognize any warning signs about the home and decide whether you can see yourself living there.
If you’re looking to buy your first house, use these ideas to help you through the complicated process and climb on the housing ladder: Make sure you can afford to buy a home; take advantage of government programs to help you; search for homes both online and offline; see properties to ensure they feel like home; and, lastly, get a survey completed to ensure you completely understand what you’re buying. Are you first time home buyers? Contact Mountview Financial Solutions, an individual mortgage broker for first time buyers in London, will guide you in buying a new home.