What are the key things to know as a First Time Buyer?

There are quite a few things to know and consider when thinking about buying your first home. To go over all of this in a blog would not suffice, as nothing compares to speaking to an expert that can advise you based on your own situation.

However here are some things to know as a first-time buyer:

  1. Do your research
  2. Write down everything you need to do – organize
  3. What is your monthly budget, what can you afford?
  4. The niggly bits – council tax, life insurance, home insurance, utilities, etc
  5. Keep a bit back to relax –everybody needs a release, after a while, you may need some respite from cutting back so keep a bit from the budget for a nice night out.
  6. Get in touch with a good broker –not sure where to start? So many lenders, which one is the best? Brokers can help save money and reduce stress when buying your first home.

Even with thorough research things may have not been considered or something not researched at all. With all the jargon about mortgages and eligibility criteria, you will find that you are mainly dealing with a lot of general information.

Each mortgage application is unique, as individual circumstances are different. There are competitive mortgages available on the market. However, deciding things like if you need a fixed term or interest only, or interest plus capital repayment mortgage is an important decision that could impact you later down the line.

If you can we would suggest speaking to a mortgage broker to discuss what your options are, in the long run, this could save you a lot of time and money.

A key thing to remember with any mortgage is key advice from the FCA (Financial Conduct Authority) “your home may be repossessed if you do not keep up with payments”.

Journey Mortgages is a specialist broker that can help you with first-time buyer mortgages and more. Get in touch, and one of our friendly team with be happy to help you with your enquiry.

Attention: Late repayments can cause you serious money problems. For help go to moneyhelper.org.uk

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