Top tips for first-time buyers

12th April 2020

If you’re a first-time buyer and keen to get on the housing ladder, there are a number of steps you can take to help you secure the home of your dreams and take the stress out of the moving process. Here are our top tips for first-time buyers:

  1. Check your affordability. Our mortgage affordability and mortgage repayment calculators will show you what your monthly costs are likely to be and what size mortgage you could be offered – be prepared!
  2. Use your savings. By pumping some or all of your savings into your deposit, you’ll reduce your loan to value (LTV) ratio (the amount you need to borrow in relation to the price of your new home) and increase your chances of getting a better interest rate.
  3. Overpay your mortgage. If you want to reduce the interest you pay on your mortgage and clear your loan more quickly, use any disposable income to make higher repayments. Make sure you check out whether you’ll be penalised before overpaying first, although most lenders will allow you to overpay up to a certain limit of your outstanding balance each year.
  4. See if you qualify for help. There are a number of options that might be open to you to help you secure your dream home. Research Help to Buy, shared ownership and starter homes schemes to see if they apply to your purchase.
  5. Budget and plan ahead. Your mortgage lender will want to know you can afford your mortgage repayments so try to boost your deposit and cut out any unnecessary expenditure and improve your credit score before you apply.
  6. Talk to a mortgage expert. Our team of expert mortgage advisers have great help for first-time buyers – call us on 08454 500200 or click here to make an enquiry.

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ours was not the most straight forward of situations, nevertheless Julie worked tirelessly, hour upon hour to ensure that we were able to get a mortgaged secured for our dream house! I honestly believe that without Julie's knowledge in the sector and her determination to get the job done, we would have lost out on our mortgage. We will be forever thankful for Julie's services! Definitely recommend to anyone looking for a knowledgeable, skilled and dedicated professional to handle their financial situation.

Luis M

April 2020

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