Help for first time buyers – 5 top tips and FREE guide

1. Workout your budget and finances
2. Save as much as you can for the deposit and extra moving costs
3. Research
4. Appoint a conveyancing solicitor
5. Be patient

1 – Work out your budget and finances

Note down your monthly income, outgoing expenses and details of any loans or finance. It can be helpful to look through your last few bank statements to ensure you’ve covered everything.

Speak to a mortgage advisor they’ll be able to help you with this process and advise how much you will be able to afford for purchasing your first property.

2 – Save as much as you can for the deposit and extra moving costs

The bigger the deposit you can put down, the smaller the monthly repayments.

Keep in mind those extra costs that come with buying a home – mortgage arrangement fees, solicitor fees, moving expenses, stamp duty etc. and set aside money for these.

Check out any government schemes that might help you at gov.uk

3 – Research

Research the area you’d like to live in and it’s helpful if you have an idea of what type of property you are looking for. Decide what are the important points and which are open to compromise.

It’s important to go in with an open mind. What you might perceive as your dream home might not necessarily be what you end up going with for your first home. It will likely be sold by you in the future – so choosing a property that you think would appeal to a wide range of people will make it easier for you to sell when the time comes.

4 – Appoint a conveyancing solicitor

Before making any offers on a house, you’ll need to instruct a conveyancing solicitor. They are a qualified legal professional who handles the legal and administrative aspects of buying or selling a property. They are regulated by the Solicitors Regulation Authority (SRA).

5 – Be patient

It is an exciting journey, and it is very easy to want the first house you see but bear in mind the market changes constantly and new properties are coming on nearly every day. Wait for the right one.

FREE FIRST TIME BUYER GUIDE TO HELP YOU

There’s lots more information to help First Time Buyers looking to purchase their first property.

Simply click on the image below to download the full guide.