When it comes to buying your first home, securing the funds for your mortgage deposit is only the first step on the path to finding your dream home. From choosing the right location to understanding the different types of mortgages, securing surveys, and finding the right home insurance deals, buying your first home may feel overwhelming.
At Mortgagemove, we can make the home-buying process as simple as possible whether you are an experienced home mover or a first-time buyer. Our experienced mortgage team can hold your hand and offer independent advice and guidance to relieve some of the stress. We can find the right mortgage deal for you and help you navigate this unfamiliar terrain, giving you confidence that you are making the right move for you and your family.
To find out how we can help you find the right mortgage and insurance deals, why not give us a no-obligation call on 0333 005 0333? We promise to answer any question you may have, with no hard sell.
If you’re not yet ready to make direct contact, here is a helpful guide to get you started on your exciting journey as a first-time buyer.
Choosing the right location as a first-time buyer
You may instinctively know where you want to live. You may be lucky to have a location that also meets your budget. Others may need to make compromises in their location to find a suitable home. When choosing your first home, you should ask yourself a few questions. How long do you plan to stay in your first home? Is it close to the amenities you are looking for, such as public transport, schools, or green areas? Have you considered how easy it is to park close to your possible home if there is no driveway?
You may want to consider whether you are happy for a smaller house in your preferred location or a bigger house in an adjacent area. Once you’ve made this decision, you can start to search for your preferred property using sites such as Rightmove or OntheMarket.
How to make the most of your viewings
Once you’ve seen an interesting property, it’s time to book a viewing appointment to take a look inside. Usually, viewings will be accompanied by an estate agent, although it is also common to be conducted by the current homeowner. If the homeowner manages the viewing, you can ask questions about the property, such as when the boiler was last serviced, which way the sun faces, or you could find out more about the neighbourhood.
During your viewing, you need to have an open mind. Think carefully before you arrive about your priorities – what are your must-haves and your nice-to-haves? As you look around various properties, you may start to become overwhelmed. But after each viewing, make a list of the pros and cons of each house so you can make an informed decision.
Don’t be afraid to request a second or even a third viewing. Buying a house is the biggest investment you will likely make, so you should try to view the property or drive around the neighbourhood at various times of day to get a feel for the area.
Checking your affordability and mortgage criteria
You must have spoken to a mortgage advisor before you undertake any viewings. Not only will this confirm your budget and affordability, but in today’s fast-paced housing market, many estate agents and vendors will not accept viewings from those who are not in a position to proceed quickly.
At Mortgagemove, our expertise isn’t just about helping you to identify how much you can afford to repay in mortgage payments. We also carefully consider your lifestyle and your affordability. By knowing how much money you have leftover each month, we can help you discover if you can afford to make any significant renovations or determine how much budget you have left for kitting out your new home.
We can also work with first-time buyers to help you navigate any government schemes set up to help you improve your affordability (such as help-to-buy). We can help you understand if you are likely to pay any stamp duty repayments and discuss the other considerations that first-time buyers should be thinking about.
Consider taking out a survey to find out more about your prospective home
The house will likely be staged to look as attractive as possible to potential buyers during your viewing. However, you must look beyond the décor to identify if any home improvements are needed. For example, dampness could be hidden behind wardrobes, or a structural survey could uncover issues with the roof or signs of movement in the build’s stability.
Many mortgage lenders may insist that you undertake a comprehensive survey as a condition of their offer. Our team of experienced mortgage advisors will explain the differences between home surveys, building surveys, and structural engineering reports. Once you have received your report, we can discuss your options if a survey comes back with some issues that need to be remedied before your mortgage offer can be confirmed.
Buildings and contents insurance
You must be fully protected from the moment that you exchange contracts. Most mortgage lenders will insist upon a building insurance policy. This protects their investment if your home is impacted by any structural damage, perhaps due to a physical issue such as a fire or flood. Your buildings insurance will not only pay for any repairs but could also provide you with funds to live elsewhere while remedial work takes place.
You should also consider investing in contents insurance. This provides you with cover to protect your belongings from fire, theft, or accidental damage.
At Mortgagemove, our team of advisors can help you determine what levels of cover are right for you. We can look at your outgoings and use our contacts to find the right insurance policy that meets your needs.
Income protection and critical illness policies
As a first-time buyer, it’s important to consider what contingencies you have in place to ensure that you can continue to repay your mortgage payments in the event of a job loss or a critical illness.
No one likes to think that it will happen to them, but unfortunately, job losses or serious illnesses could happen to anyone at any time.
When we work with clients to find the most appropriate mortgage deals, our team of advisors will also explain the importance of protecting yourself from the unexpected. In addition, we can advise you on what type of income protection or critical illness policy is right for your family. Then, once you agree, we can find suitable products that will adequately cover your outgoings if you or your family were impacted by the unthinkable.
At Mortgagemove, we provide help to first-time buyers to make your house purchase as easy and stress-free as possible. To find out how our mortgage advisors can discover your affordability, please phone our mortgage helpline on 0333 005 0333. In just 15-minutes, we can evaluate your financial circumstances and help you find the best mortgage option or insurance policy for your needs.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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