Top Tips for First-Time Buyers

Buying your first property is one of those landmark moments in life, and be both exciting and daunting. There are so many questions you need to ask yourself before you make an offer on your new home. Do you want a brand new property, or something that’s going to require a little TLC? Do you need extra space for potential newborns? If so, what are the local schools like? Is it a safe area? How close is the best Indian, and do they deliver?

Some of these questions might seem a little silly, but committing to a mortgage on a house is a big decision, and you need to make sure you’re going to be happy in your new place. To help you on your way, we’ve comprised a guide of handy hints and tips that will make the whole process run as smoothly as is possible.

Be Realistic

We all have that vision of our dream house. Whether it’s a spacious flat in the city, or a blissful cottage in the countryside, our expectations are always going to be high. Remember, this is your first house and there might be some things that your budget won’t allow for yet. That doesn’t mean you can’t find something you’ll fall in love with, but be prepared to compromise.

Stick to a Budget

You, and you alone, know how much you can afford to spend on your first mortgage. It’s no good being just able to afford your monthly payments, but not being able to afford to pay for food and electricity. Set yourself a budget based on your income, and be strict with yourself about sticking to it.

Research, Research, Research!

This cannot be stressed enough! Do you want a mortgage with a fixed-rate or one with variable interest? Are you hoping to save a larger deposit in order to get a lower mortgage interest rate? Have you got all the necessary paperwork to provide your lender with? Have you considered a Buy to Let mortgage? These questions, and many others, all require your attention.

Take Your Time

Having spent a good chunk of time working towards saving your deposit, it can be tempting to snap up the first property you find. However, patience can be a virtue when it comes to the property market, as it ensures you don’t make any decisions you’ll end up regretting. Take your time to look around; that way you’re bound to find your ideal first home. If you’re thinking of buying, then Homeline Mortgages will be able to handle all of your burning questions; so don’t hesitate to get in touch for some expert advice.