Buying your first home is one of the most exciting things you can do! Having your own place to decorate however you choose, no stress about landlords… Getting on the property ladder is a big deal, but it also can feel pretty intimidating.
Whether you’ve been saving for years, been generously gifted a deposit, or just want to know how to get started, we’re here to help along every step of your home buying journey. There are so many different things to consider, from knowing how much you need for a deposit and fees to what happens when you find somewhere you like. But luckily for you, your Beewise FS Ltd mortgage advisor will be on hand right up until you get your keys!
To start you off, scroll down for our 5 top tips if you’re thinking about buying your first property.
Have a clear idea of your finances
When it comes to taking out a mortgage, your Beewise FS Ltd mortgage adviser will need to know details of your income and outgoings. And, while we’ll collect recent bank statements and go through everything for you, it’s good to have a clear idea of what’s going in and out of your account.
Make sure you know what direct debits you have set up, and clear or cancel anything you don’t need, from gym memberships you never use to old credit card accounts that are still open.
Calculate how much you can put towards a deposit
This could mean adding up your savings, or asking the Bank of Mum and Dad for a few extra pennies. Bear in mind that if you have a Help to Buy ISA the bonus is payable on completion, not exchange, so this can’t be used towards your deposit fund. If you have a Lifetime ISA this can be included though!
We’ll calculate how much you’ll need to put aside for other costs along the way, such as solicitors fees, surveys and stamp duty, so you can take those into account too. And we’ll let you know what costs are payable at which stage, so you’ll have a clear idea of the whole process.
Check your credit score
All lenders will run a credit check on you when taking out a mortgage, so it’s good to get a copy of your credit report before applying for one. That way, if there are any nasty surprises on there – we’re talking missed payments, defaults or CCJs – you can let your Beewise FS Ltd mortgage advisor know and we can choose the right bank or building society for your situation.
Getting your credit report is also a good way to check if you’re registered on the electoral roll at the right address – something that boosts your credit score – and if your address is up to date with any companies you’re linked to. Having the correct address across your current bank accounts, credit cards and loans is important, as it means they’ll all match on any background checks.
If you’re not sure on how to get hold of a copy of your credit report, contact us for advice!
Find out how much you can borrow
Once you’ve got all this info, the next step is to check how much you can get a mortgage for! And while you can use online calculators, these aren’t accurate as they don’t take into account the bigger financial picture – check out our post here on what lenders look at.
Your Beewise FS Ltd mortgage advisor will work out exactly how much you could borrow, getting you the maximum borrowing figure from a whole host of banks and building societies. And, we’ll get you an agreement in principle (your provisional yes from a lender), often within 24 hours of you sending over your paperwork, so you can start viewing houses straight away.
By doing this you’ll know exactly what price range you’re looking at, plus we’ll give you a rough idea of monthly repayments, so you have a clear idea of your overall budget.
Now you know how invaluable we are when it comes to the home buying process, give us a call and we’ll get you on your journey! Whether you’re ready to start looking or just want an idea of what you need to work towards savings-wise, we’re here to help.
As your local Beewise FS Ltd mortgage broker will advise on your specific situation, we’ll also be able to discuss other ways you can get onto the property ladder. From first time buyer schemes like Deposit Unlock and Shared Ownership to Joint Borrower Sole Proprietor mortgages – a way to boost the amount you could borrow – we’ll take you through your options step by step.
With evening and weekend appointments available, we’re here to make mortgages and protection easy to understand and as stress-free as possible.