5 Handy Hints and Tips for First-Time Buyers

5 handy hints and tips for first-time buyers

Making the decision to buy your first home can be both exciting and daunting. There are many things you need to consider so it can feel like a bit of a minefield. We've put together 5 handy hints and tips to help make your first-time buyer journey a bit easier.

Deposit and mortgage

The bigger the deposit you can save, the better your loan to value (LTV) ratio will be. The better your LTV, the more likely you are to be approved for mortgage products with lower rates. Lenders don't like lending when there is increased risk, and so they will give preferential rates to those with a large lump of cash to put towards the purchase. If saving means doing without luxuries or living on a very tight budget for a few years, do it. It could save you a lot of money in the long run. When it comes to mortgages, speak to a whole of the market mortgage broker. They have access to most mortgage products and, as they make their money directly from the lenders, usually don't charge you for their services.

Check the survey

If you find a property that you want to buy, make sure you check over the survey before offering so you know if there any issues that need addressed. If a property needs a lot of structural work, it might not be the right property for you. Take your time to find a property that suits your circumstances as well as your budget.

Measure up before buying any contents

It's a good idea to take measurements before buying any furniture. Many people assume that the corner sofa they have fallen in love with will fit or the antique chest of drawers that they cannot live without will look amazing in their new bedroom. That isn't always the case, so unless you are 100% certain that the items you intend buying will suit, measure up or wait until you move in before purchasing.

Monthly finances

Once you have purchased a home, you must make sure that your bills are paid on time and manage your money correctly to ensure that you don't miss any payments or leave yourself short of cash each month. Make a note of your income versus your outgoings and don't live beyond your means. Try to keep around 10% of your monthly earnings in a separate count for contingencies.

Home security

After you move in, it's a good idea to give a spare key to a friend or family member so you know if you lose yours, you won't be locked out. If you are used to living with family or flatmates and are moving into a property alone, it can be daunting. If you feel that you would benefit from some extra security, research doorbell cameras. They allow you to see who is at your front door without having to open it, and so will bring you some peace of mind until you settle in.