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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We were very impressed with the service we received at Charters. Chawley and Cara were incredible and supported us every step of the way from initial enquiry to owning our new home. As first time buyers it felt quite daunting and Chawley was able to offer simple explanations and guidance which put us at ease. We were so impressed we were able to get a mortgage offer during a global pandemic and I put that down to the hard work of the team at Charters. 100% would recommend if you want friendly and knowledgeable staff who seem to really care and are on your side during what is usually a very stressful time.

Sam C

November 2020

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