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Top tips for first-time home buyers

Top tips for first-time home buyers image

While getting on the property ladder can sometimes seem a bit of a tall order, recent research has shown that the number of first-time homebuyers has actually reached a 10-year high*.


Even if you have everything in place to buy your first sacred dwelling, there are loads of things to consider before you’re ready to settle. Don’t panic though; my knowledge is the key to making the process as stress-free as possible. Pull up a bean bag and witness the wisdom.


First, allow me to enlighten you on a couple of basics:


What’s a mortgage?

A mortgage is just a type of loan taken out to buy a property, or a piece of land. The standard length of a mortgage is 25 years, but the term can be longer or shorter. Be aware – the loan is secured against the value of your house, and if you can’t keep up your repayments, the lender can repossess your home and get their money back.


What deposit will I need?

Normally, you’ll have to save between five and 25 per cent of the value of a home. For example, if the house costs £125,000 you’d need a minimum five per cent deposit of £6,250. An online mortgage calculator can help you work out how much you’ll need.  


The G’s top five tips for wannabe buyers


  1. Put as much down as you can

While you might only need to put a minimum of a five per cent deposit down, if you’re a bit flush and in a position to put more down, then you really should. Putting a larger deposit down will open up more products for you to choose from, and give you a better chance of bagging cheap interest rates.


  1. Watch out for additional costs

Unfortunately, the deposit and the mortgage aren’t the only costs involved in buying a house. Other fees you might have to fork out for are: solicitor’s fees, mortgage valuation fees, stamp duty, survey costs and removal costs. Be wise my friend and make sure you have money put aside for these extras.


  1. Be aware of monthly repayments

Use an online mortgage payment calculator to set a realistic and affordable monthly repayment amount. It’s important to be realistic, and take into account bills and living expenses. Lenders will go through your outgoings with a fine-tooth comb to make sure you can afford the payments, so make sure you tell the truth – it’ll be better in the long term.


  1. Do your homework

It might seem obvious, but you really need to do your research when looking into your first home mortgage. There are plenty of schemes out there to help you transcend difficulties when buying your first house, including affordable house schemes, help-to-buy and shared ownership.

Check your credit rating

Having a poor credit score will affect the amount you’re able to borrow with a mortgage. Make sure you’re in control of your finances and know your credit score, well before you plan to apply for a mortgage. This will give you plenty of time to have any mistakes corrected or, if you’re in a spot of financial bother, to improve your score. 


Buying your first house is a wonderful time in your life, but the process and the paperwork can become a bit of a drag. If you’re struggling to get your head around mortgages, check out my Wisdom Section for some straightforward and simple advice. Andy why not compare what mortgage deals are out there, Click here ot browse whats on offer.