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Being a First-Time Buyer can be daunting. Not only are you about to make one of the biggest financial decisions in your life, but you’ll probably also have family members and friends offering their ideas on the right house, mortgage, lender, conveyancer and even removal company for you!

We’ve pulled together some ideas to try and take away some of the stress and confusion and give you the confidence to move through the home buying process as smoothly as possible.

Get The Right Advice

We’ll review your circumstances and look at your income, debt, day-to-day outgoings, employment and size of your deposit, in order to assess what you can afford to borrow now and in the future. We’ll also talk you through the types of mortgages we think are right for you and the lenders who offer them.

Save as much as possible

Buying a house is going to be expensive so it’s important to save to get yourself in the best position possible. Many lenders will accept a minimum deposit of 5% of the cost of the house you’re buying, but aim much higher. The bigger your deposit, the smaller your mortgage and monthly mortgage payments, making you a more attractive lender.

Know your budget

Your hard saved deposit and monthly mortgage repayments aren’t the only expenses you need to mindful of when buying your first home. Some lenders will also charge a valuation fee to help them establish how much they are prepared to lend you.

You’ll also need to factor in the cost of a home survey – depending on the type of property you’re buying and the lender you choose to go with, you might need a basic mortgage valuation, a HomeBuyers Report or a full structural Building Survey.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP YOUR REPAYMENTS ON YOUR MORTGAGE.

Contact your Local Branch for further guidance on Financial Services.