If you’re dreaming of owning your own home but have no idea where to start, or could do with a helping hand along the way, you’re in the right place!
Buying your first property is both exciting and daunting, which is why Beewise mortgage advisors are on hand from start to finish throughout the whole process.
With years of experience in the housing and mortgage market, we understand the challenges first time buyers face, and are here to support you every step of the way.
This handy guide is filled with tips on how to find that perfect home and secure the right mortgage with the help of your local Beewise expert, but if you can’t wait and want to chat today, contact us now for personalised mortgage help and advice!
Think about your buying budget
Firstly, how much have you got towards buying a home, whether it’s in the bank or money that’s being gifted to you? This will pay for your deposit, legal fees and any other costs involved (your local Beewise advisor works these out for you!) so is useful to know.
Next consider your income, any regular outgoings like credit cards and loans, and what you’d be happy to pay each month towards a mortgage too.
While Beewise will make sure your future payments are affordable, it’s good to think about how much you’d be comfortable spending – would you want to factor in money for updating the new place, socialising or holidays?
When it comes to working out how much you can borrow for a mortgage, banks and building societies all have their own set of criteria, so it will vary depending on the lender. That’s why it’s important to use a Beewise advisor, as we’ll calculate figures across the whole of the market.
That way, you’ll know the maximum you can borrow and have a clear picture of the price range available to you. Have a read of our blog post for more on the figures lenders use when calculating a mortgage loan.
Research your ideal property location
As we know, for some people it’s all about location, location, location! If you’ve got a dream area in mind, have a look at the local property prices – that way, when your Beewise advisor calculates your maximum borrowing, you’ll have a good idea of what you can afford.
If you’re thinking of relocating, maybe buying nearer family, or further out from a city where house prices are cheaper, get to know the area.
Check out the local amenities like shops and restaurants, and transport links. And, you might want to research schools if you have children or plan to start a family in the future.
The best way to get a feel for an area is to visit it in person – a great excuse for a day trip and a walk around a new town or village.
Your Beewise advisor will already have a good idea of property prices in your ideal location, plus we work closely with estate agents so can help you out there too. It’s always handy to have someone who can put in a good word for you, or even recommend a property before it hits the market!
We had to put this one here as once you’re ready to start looking at properties, it’s important to get an accurate idea of what you can afford – that way, you’re looking within your price range from the off.
Plus, Beewise will get you a mortgage in principle – your provisional yes from a lender – which most estate agents ask to see before you view a house. That way, everyone knows you’re in a position to make an offer if you fall in love with it.
We’ll also talk you through the initial stages of your homebuying journey, giving tailored expert advice for your situation. For example, if you’re looking to buy a flat we’ll recommend things to look out for, such as lease length and additional service charges.
Also, some lenders may want a higher deposit for a flat or a new build, whereas others are happy to accept 5%. Your Beewise advisor will talk you through all relevant options though, making sure you’re in the best possible position.
In fact we’ve regularly helped clients that spoke to their bank and didn’t realise they could borrow more, or that different lenders have different credit score thresholds. Check out our blog post on why you should use a mortgage advisor.
Essentially, Beewise are super passionate about helping buyers find the best first home they can! We get a real buzz out of making dreams come true, which is why we’ve got over 210 5 star Google reviews – going over and above to support you is what we’re all about.
Give us a call on 01934 204841 to chat, or email us here to book in an initial call. We do same day evening and weekend appointments to suit you, and could get you a mortgage in principle within 24 hours of receiving your paperwork!
Find the right property
Once you’re prepped and ready with your budget, mortgage in principle, and advice on viewing and offering on properties from your Beewise advisor, you’ll be ready to search for that dream home.
Although there’s lots of tips we can give, the biggest one has to be take your time. View as many properties as possible to get a feel for what’s out there, discover what you’re happy to compromise on, and don’t rush into a decision.
The housing market can be competitive, but we’re here to talk through any questions, or liaise with estate agents for you. Even if several people offer on the same property, they’ll generally give you at least a day’s grace to think it over.
When viewing a property, don’t be afraid to ask questions and have a good look around. Book in another appointment if you really like it – you’ll always take in more the second time round.
And while it’s helpful to check for potential issues like damp, leaks or structural damage, don’t worry if you don’t feel confident doing this. Your Beewise advisor will talk you through property survey options once you get an offer accepted, so you can access expert advice before you commit to buying.
Depending on the property type and age, there are 3 options you can go for – a basic valuation, a more in depth Homebuyers Survey, or a full Buildings Survey. But, we’ll advise on which is best for you when you find the right place.
Lastly, go with your gut. Your dream home should be somewhere you fall in love with and are excited about! If you can imagine yourself living there happily ever after and don’t just think of it as an investment, that’s a good sign it could be the one.
Get the most suitable mortgage
There are so many mortgages out there, from first time buyer schemes like Deposit Unlock and shared ownership to a variety of fixed rate products, so it can seem overwhelming.
And, the lender your Beewise advisor recommends could depend on the options they offer, their suitability with your employment status, or even the stance they take on less-than-perfect credit.
We have access to a whole host of different mortgage products from a wide variety of lenders, be it high street names, smaller building societies, or more specialist companies. But, it’s our job to recommend the most suitable one for your needs.
We’ll get to know your situation and preferences along the way, and combine these with our expert knowledge of the market, saving you time, stress and money. Plus, your Beewise advisor will manage the application process for you, having already pre-approved you for that dream home.
A mortgage is a huge commitment, which is why we’re by your side helping you make that decision. We’ll also talk you through any lender jargon, explaining the process in a relatable way, and keep you updated right until you get your mortgage offer!
Protect your income and current savings
As mortgage and protection advisors we’ll also talk you through the personal insurances that make sure you can cover your monthly bills in any situation.
From life insurance to critical illness cover and income protection – a long-term accident and sickness cover – there are plenty of ways to ensure financial peace of mind and keep a roof over your head.
And, just like with your mortgage, we’ll choose options that suit your needs and fit your budget, and recommend products from our extensive panel of leading insurers.
You don’t need to worry about that side of things just yet! But, we have got a handy blog post covering the top 6 questions on life insurance, critical illness cover and income protection if you want to know more.
Or, get in touch with us today and we can chat you through your options to save you a read! Call 01934 204841 or click here to drop us an email.
Source solicitors the right way
As part of our start-to-finish support, Beewise will also recommend your conveyancing firm. Choosing a company that offers great service (as well as being budget-friendly!) should be your priority when it comes to homebuying.
One of the biggest frustrations for first time buyers can be the lack of communication once an offer on a property has been accepted. But, we only work with legal firms that are customer-focused so we know they’ll keep you regularly updated along the way.
Plus, your local advisor will regularly chase your conveyancers on your behalf, and help out with the intimidating task of completing paperwork.
We guarantee that until you have those keys in your hand, your Beewise advisor will be available via email, text, phone or video call, or in person, helping make your homebuying journey as stress free as possible!
To make buying your dream home a reality, call 01934 204841 or email your local Beewise mortgage advisor to arrange an initial chat, with evening and weekend appointments available. And, check out our 210+ 5 star Google reviews! Voted Best Mortgage Office in the UK 2022, you’re in safe hands with Beewise FS Ltd.
Looking for more expert mortgage advice? Check out these other helpful blog posts!