/ Mortgages

25 things First time buyers must consider

So we thought we keep it short and simple. Here are 25 things you should have on your to-do list if buying a home is something you fancy. This is just a list. We go into more detail on each topic in later blog posts. To see more info, just click on any item in the list.
Here we go…

  1. start saving your Mortgage deposit
  2. Determine how much you can afford and how much you need to save. Understand the Mortgage Basics.
  3. Check your credit score and if they are low- get them up
  4. Stop any new credit applications until you understand the consequences
  5. Explore your deposit options: can you pay less? Will your family gift it to you?
  6. Research Government-backed schemes such as help to buy
  7. Budget for closing costs such as stamp duty & mortgage costs
  8. Don’t forget to plan post move in living expenses. LOL. No, seriously!
  9. Consider what type of property to buy- a bit obvious but give it a think
  10. Understand mortgage options: fixed rates, tracker rates? No this isn’t gibberish!
  11. Compare mortgage rates and understand what affects the rates you are offered
  12. Decide if Increasing your deposit or waiting a few months for better rates makes sense
  13. Get a Mortgage in principle so you can shop with confidence
  14. Hire the right agent
  15. Stay under your Mortgage in principle limit
  16. Pick the right neighborhood
  17. Make the most of any viewing by thoroughly inspecting the property
  18. Buy a home for tomorrow- starting a family? well, that 1-bedroom flat just won’t do!
  19. Don’t let the little details stop you from buying your dream home
  20. Be prepared to compromise on little things.
  21. Make a smart offer. Not too high… not too low
  22. Avoid a bidding war that blows your budget
  23. Negotiate. You knew this one!
  24. Buy homeowners insurance
  25. Don’t expect a home inspection to find everything

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25 things First time buyers must consider
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