Our top tips for first-time buyers

Have you been waiting to take your first step on the property ladder? Buying a house is one of the biggest decisions you’ll ever make, and most expensive, but thankfully there’s some good news for you as you make this excitement commitment.

Boris Johnson has recently pledged to help first-time buyers with the new ‘Generation Buy’ scheme meaning you’ll be able to buy your first home with a 5% deposit. Before you can begin your search, we at Hathways, are inviting you to speak with our in-house mortgage advisor and share these top tips for first-time buyers.

1 Deposit

Whether you’ve been saving for a deposit, or are about to start saving now that the new government scheme is in place, you’ll probably have to make some sacrifices. Not having that takeaway, or stopping yourself from unnecessary online shopping, all help towards saving, but there are other ways in which you can save for your deposit. ISA’s and Help to Buy ISA’s are just two ways to save making the most of the interest rates and government boosts.

2 Advice

Meeting with an approved mortgage adviser is recommended to discuss your personal financial circumstances giving you a rough idea of how much you can afford to borrow as well as advice on how to improve your current credit rating. At Hathways we are able to offer you this service providing you with whole of market mortgage offers. Once you have arranged a meeting you’ll need to bring with you, proof of ID, proof of your current address, last three month’s payslips, recent P60 and details of any credit commitments.

3 Budget

Following your meeting with our mortgage adviser, you’ll know how much you can afford to spend on a property but affordability is about much more than that. You’ll need to consider the costs of running a home including buying fees, monthly bills and living costs. Budget planners are available online as well as home running cost tools, allowing you to make a list of everything you’ll need to pay before buying a property, then ongoing monthly costs.

4 Search

Finding your first home is daunting but exciting! Our team are on hand to discuss with you your preferences such as area, price, bedrooms and extras. Be prepared to compromise and be honest with what you want and need from your first home, as these can be quite different. Visiting locations that you like can really help you get a feel for an area, you can see where the local school, shop and pub is as well as figuring out your route to work. Book viewings at homes that are in and around your price range to really see which property is right for you.

5 Move

Once your offer has been accepted, your mortgage is in place and you’re ready to sign, you can get excited to finally move into your new home. Our advice is to make a checklist for the move and assemble your friends and family to help you out. It’s a good idea to have a ‘first night box’ this box contains everything you need on your first day, a kettle for the workers, a bottle opener for the champagne and a takeaway menu for your first meal!

If you are about to step on to the property ladder, call or email our team at sales@hathways.co.uk and they will be happy to help you start your search for a new home.