Buying your very first home is like a big adventure! It’s a place where you’ll make memories and have lots of fun. Oakmire Mortgages is here to be your guide on this exciting journey. Let’s check out some helpful tips for first-time buyers like you.
1. Set a Realistic Budget: Before you start looking at homes, figure out how much you can afford. Consider your income, expenses, and potential mortgage payments.
2. Get Pre-Approved: Getting pre-approved for a mortgage (Agreement in Principle) helps you know exactly how much you can borrow. It also shows sellers that you’re serious about buying. Most of the estate agents will insist to see agreement in principle and deposit before they can consider your offer to buy the house.
3. Understand Additional Costs: Remember, the cost of the house is not the only expense. There are lenders application fee if applicable, valuation/survey fee, solicitors’ fee, stamp duty before you complete your purchase. Then there will be life insurance, building/contents insurance, and general property maintenance to consider.
4. Research Mortgage rate Options: There are different types of mortgages available. Two main ones are fixed rate and tracker rate. As the name suggest, fixed rate will remain fix for a specified number of years e.g., 2 or 5 years. Tracker rate tracks Bank of England (BOE) base rate and there is an element of uncertainty that your monthly mortgage payment can go up as well as down depending on the BOE base rate. We will discuss these option in detail before we recommend a mortgage rate for you.
5. Inspect Thoroughly: Once you find a house you like, you can a home buyer survey done to put your mind at ease. Most of the banks require a basic valuation survey to be carried out by their surveyors but you can request a home buyer survey by paying extra.
6. Consider Future Plans: Think about your long-term plans. Will this home still suit your needs in a few years? Factor in family growth, job changes, and lifestyle preferences.
7. Negotiate Wisely: Negotiating the price is part of the process. Work with your estate agent to make an offer that’s fair based on market conditions and the condition of the house.
8. Find a Solicitor: You will need a solicitor to complete conveyancing process and get the title transferred in your name. finding right solicitors is vital as it can delay the process and in extreme cases your seller may decide to cancel your offer if your solicitors are taking too long.
Please note Oakmire Mortgages are brokers (advise and arrange a mortgage for you) and not a lender or a bank.