4 tips for first time property buyers
In recent years and since the global economic meltdown of 2008 many people have found it more difficult to obtain a mortgage, but none more so than first time buyers, who have needed to stump up additional cash to meet larger deposit requirements and match lender's stringent affordability tests. In this article we discuss and share a number of tips for first time property buyers.
1. Getting a mortgage agreed in principle
Many first time buyers start their journey with plans for their dream house, from deciding where their home gym will go, to designing their garden with extravagant water features. It's so very easy to get caught up in this exciting process, however making such plans is often premature and usually leads to massive disappointment.
Seeing a mortgage broker is the first thing you should do, in your initial meeting your mortgage broker will give you an indication of what you might be able to afford. It can sometimes be a disappointment to learn that your budget can only afford a small apartment and that your plans to have luscious gardens with water features will need to be put on hold.
You should also consider stamp duty costs, here's a link to our very own stamp duty calculator.
Your mortgage adviser is on your side though and will work with you continually to help find a suitable first time buyer mortgage. Finding a local mortgage broker is often best as you may need to meet more than once. Mortgages and Insurers Solutions are based in Grange Park and have direct access to multiple lenders, this means they can source you a mortgage from the whole market, if you visit a mortgage broker at your local bank they will only offer you their own deals and not those available via other banks and lenders.
Here's a link to a mortgage calculator which can help give you an approximate figure on what your mortgage repayments might be.
n help give you an approximate figure on what your mortgage repayments might be.
2. Location, location, location
Before you begin your property search you should settle on the location in which you want to live in. Your choice is dependent on your personal priorities, for example you may choose to live in an area close to family members or buy a property closer to your place of work. Google Maps is a helpful tool and can help you decide on suitable locations.
3. The search
This is the most exciting stage for first time buyers. You've established how much you can afford to spend and decided on the location you want to live in. You now need to go off and find the perfect home.
There are a number of ways to find a home, with the internet offering a number of solutions, for example you can search for property and contact estate agents via Rightmove and Zoopla property search engines.
We also recommend you visit estate agents local to the area in which you want to live in. Popping in and meeting local estate agents ensures they can put a name to a face and this might just help increase the chances that they will call you when a new property that matches your requirements becomes available.
4. Picking a solicitor
Picking the correct solicitors is important. We recommend you choose an experienced solicitor who specialises in property conveyancing and who works local to you. Your mortgage broker and or estate agent can usually recommend an experienced solicitor for you to use.
Buying your own home can be daunting, but worthwhile when you finally achieve it and can shut the door on the world, as they say, an Englishman/woman's home is their castle.
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Mark Edwards of Morgages and Insurers shares tips to help first time buyers get on the property ladder.