Advice for first time buyers

Owning your first home is one of the most exciting times in one’s life and most definitely the costliest. It is very easy to get carried away with your ‘wish list’ and you can lose sight of what you are able to afford/lend.

If there is one bit of advice we can give you – it would be not to go to the first bank or building society, as they tend to offer you their own products ONLY. Instead seek an IFA, which is an independent financial advisor who can show you a wealth of lenders depending on your affordability and personal circumstances. The initial consultation should be free.

Therefore, we ask you to please seek professional advice and do not go for the first company/lender you speak to. You will be amazed at the variation in lending from one provider to the next.

Do your own due-diligence, speak with your friends and family and see what, if any, experiences they had both positive and negative. It is very tempting to be guided towards an estate agents ‘in-house’ IFA and conveyancing – but please note – you do not have to use them. Try to stay independent and not have all your eggs in one basket!

Call us on 0333 987 3115 for a private, informal chat and see what we can offer you at a fraction of the cost of our competitors.

Our step-by-step guide

Whether you’re a first-time buyer or not, it always helps to compare mortgage quotes. You’ll want to know you’re getting the best deal for you and your situation. Shop around – the best option is to seek advice from an Independent Financial Advisor (IFA) as they have access to all lenders unlike banks who generally only show you their own products which can be more expensive.

Using a good solicitor is paramount to your purchase. Some online conveyancing companies can be very difficult to contact as you are communicating with a computer and not a human being. A good solicitor will take on many responsibilities, from organising the sale set up such as searches, contracts to dealing with your funds. Vendors and Buyers can email you a breakdown of solicitor costs for you. Simply call or email us, tell us your budget and you will receive a list of good solicitors showing you exactly to the penny what their costs will be with the budget you supplied.

There are many types of insurance required for any house buyer. You will need to look at the following insurances: home buyers protection insurance, buildings insurance and contents insurance. Again, you can talk to your IFA who will be able to offer you a selection of providers and costs.

Packing all your belongings into boxes for the move is both time consuming and exciting at the same time. It’s important to source and compare costs to ensure you get the best deal!

Once you take possession of your new home, you may think that the only outgoings you will have are your mortgage and insurance monthly payments but there are other bills for you to budget in too. Such as utility bills, council tax, TV license and TV packages and personal monthly spends such as food, petrol etc.

You’ll want to make a house a home. So, ensure you’ve factored any redecoration and new furniture into the budget too.

Talk to the experts
Can’t find an answer to your question? Get in touch with our friendly team of experts – we’re always happy to help.