First-Time Buyers Guide: Finding your first home
Looking to buy your first home? Although it can be exciting getting the keys to your first property, we understand just how overwhelming the process can be. At Warwickshire Mortgages, we’re here to help. In this first-time buyers’ guide, we look at what you need to know, so you can make informed decisions before you purchase your home.
Understand your budget and mortgage options
House viewings can be fun, but it’s easy to get carried away when you don’t have a firm idea of your budget. That’s why it’s recommended to get professional mortgage advice before you start booking any house viewings. Your mortgage adviser will liaise with lenders to find out how much you can afford to borrow.
Mortgage lenders carry out a series of affordability and credit checks, and they will give you an Agreement in Principle (AIP). This certificate shows what a lender is prepared to loan you in terms of a potential mortgage. It’s often expected by estate agents and can speed up the homebuying process because you’ll be in a better position to make an offer.
Before you start your homebuying journey, it’s worthwhile trying to improve your credit score as this usually broadens your mortgage options. Make sure you’re registered on your local electoral roll, avoid using more than 30% available credit, and pay your bills on time. For more guidance, see our blog, 5 Things Every First Time Buyer Should Know.
Research the location, property and first-time buyer schemes
When you know how much you can afford to borrow, you can start looking at potential properties. Research the location carefully to make sure you choose the right home for your needs. Check out the local area in terms of safety, transport links, schools, shops, and healthcare services.
Create a shortlist of all the properties that appeal to you. When you view each property, make a note of the EPC rating, and ask about the heating system. This will help you to estimate your future running costs and whether the boiler will need replacing.
Check any current first-time buyer schemes available from the government. A Shared Ownership property enables you to own a portion of your home and pay rent on the rest. The First Homes Scheme offers around 30% – 50% discount on a new-build property for eligible buyers. Our mortgage team can talk you through the pros and cons, along with your mortgage options.
For information on house deposits and the 10 steps of owning a new home, see our guide Buying your first home in Coventry and Warwickshire.
Do you need a first-time buyer’s mortgage?
At Warwickshire Mortgages, we know it can be daunting when you buy your first home. As a first-time buyer, you’re bound to have various questions. Our team are here to answer your mortgage queries, and we’ll talk you through everything you need to know. We want you to have confidence and clarity before you embark on your homeownership journey.
Are you looking to buy your first home? Book a free, no-obligation, 30-minute chat with our expert team.