Take Your First Step onto the Property Ladder with Our First-Time Buyer’s Guide

On the hunt for a new home?

Stepping onto the property ladder can be a daunting experience. With so many different aspects to consider, you’re probably wondering, where do I start? Who should I turn to for advice?

If this is true for you, then panic not! Here at Amber Mortgage Solutions we’ve compiled a short and simple guide listing what to expect when looking to buy a property for the first time. Enjoy!

One Small Step for Man, One Giant Leap for the First-Time Buyer…

When you’re thinking about buying a home, the first step you’ll need to take is establishing your budget.

You’ll need to honestly examine how much you can afford, whether or not your current finances are in order and if cut backs need to be made. A good place to start when setting yourself a realistic budget, is to make a list of your current outgoings – car payments, phone bills, food shopping, eating out etc. This should then give you a good idea of whether or not you’re in the position to comfortably afford monthly mortgage repayments on top of your ongoing expenses.

Think you can cut down on your current spending habits? Start now! This will not only help you to get a head start in saving for a deposit, but will also get you into the habit of budgeting responsibly.

Finally, be sure to speak with a trusted mortgage broker as soon as possible. Doing this before you begin your search for a home will help you get clear on what you can afford and means you’ll be ready to put in an offer, as soon as you find that perfect property.

Take Advantage of Government Schemes

The Government have recognised that for the majority of first-time buyers, securing a property is no longer an easy feat. As a result, there are currently several schemes on offer to help first-time buyers climb onto the property ladder. For example, if you are struggling to save for a deposit, then the Help to Buy Scheme could be beneficial to you. With this scheme you will only need a 5% deposit, then the government will provide a loan for up to 20% of the price, leaving the mortgage company to cover the remaining 75%.

The new Help to Buy ISA could also prove valuable for giving your savings a boost. For first-time buyers under the age of 40, for every £200 saved towards a house deposit, the Government will add £50. This means that you can benefit from up to a maximum bonus of £3,000 on £12,000. Not bad at all!

There is help out there – so make sure you take it. Just always be sure to do your research.

Beware Unexpected Costs

Unfortunately, many first-time buyers can fall short when faced with costs they hadn’t budgeted for. When budgeting ahead, some of the main additional costs to consider include solicitors’ fees, stamp duty fee, building and contents insurance or building maintenance charges.

Again, do your research and there’ll be no nasty surprises in store for you further down the line.

Finding a Property to Suit You

In-between the many stresses of deciding on your budget, organising your finances and securing a first time buyer mortgage, it’s important that you don’t lose sight of what you’re actually looking for in a home!

How many bedrooms do you need? Will you require off-street parking? Do you need to be close to transport links? Decide on the non-negotiables you’re looking for in a property. Speak with estate agents and find out what’s possible on your budget.

An important piece of advice would be to start at the lower end of what you can afford. After all, a smaller home at a lower price is still one step up onto that property ladder.

Moving In Day!

So, you’ve found your dream property and the keys are in your hand. Now comes the fun part – “moving in” day!

If you’re leaving a rented property or are in a hurry, you’ll want to move in immediately and make yourself right at home. But if you’ve got time to spare, why the rush? This may be your only chance to take your time with your move – you’re now on the property ladder after all! The next time you decide to move, you’ll be part of a chain and may not have the same luxury of time.

Organize your possessions by room; walk through your new apartment or house and make notes room by room of any work you might like to do. If you’re in the position to do some decoration or DIY immediately, then why not get it out of the way?

Once you have a plan and a clear budget in place, buying your first property can be a breeze. Having the best professional advice and guidance can also help you to achieve peace of mind during what can be one of the most stressful and exciting times of your life.

For everything from securing the best mortgage deal to suit your budget to finding the right home insurance, we can help you. So why not contact a friendly member of our team today? Call us on 01702 619221.