Common First Time Buyer Mistakes And How to Avoid Them

We often see that First Time Buyers, understandably, make a few mistakes when purchasing their first property which then trip them up later down the line. We are here to help make the process as smooth as can be so here is a few examples of the common mistakes and how to avoid them:

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1.Not getting agreed in principle before house searching - It is important to ensure you could get a mortgage before searching for your first home. You will also find that estate agents will not accept an offer on a property without you having your AIP in place.

2.Purchasing at their maximum affordability - Affordability is there for a reason and although you may get agreed at a higher figure than expected this does not mean you need to purchase that high. You need to ensure you are comfortable with your mortgage repayments alongside your bills.

3.Not looking at the other costs involved - It is common that First Time Buyers purchase their first home and forget the other costs involved such as removal vans, solicitors fees, broker fees or possible product fees.

4.Putting down too much deposit - We often see that First Time Buyers will want to put down all their funds as their deposit rather than keeping some back to furnish and decorate their new home. When using a mortgage broker we will look at the deposit you have and can discuss the deposit options with you whilst helping you calculate how much to keep aside for decorating and other potential costs involved.

5.Approaching their bank for a mortgage - Your bank can only offer their mortgage products, this means you are missing out on possibly over 100 other lenders who could offer you a mortgage on possibly a better interest rate. Speak to a whole of market mortgage brokers first.

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We are here to help you through your first purchase and to explain each step with you in a clear and easy to understand way, because even we hate the 'mortgage jargon'.

💻Admin@just4mortgages.co.uk

📞01623 622611

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