Buying your first home is an exciting time but it can also be daunting. Below we offer three top tips to get you started:
- Start monitoring and cutting back on your spending 3-6 months in advance of applying for a mortgage. Keep your bank account operating in credit or within its limit and stop high levels of discretionary spending. Also, let go of any regular committed expenditure, such as the gym membership that you don’t use. Lenders will scrutinise your bank statements to assess conduct and spending patterns to establish affordability so present yourself in the best possible way.
- Start thinking about the sort of property you want to buy and set yourself a realistic budget and stick to it. Consider the re-sale of the property. It’s your first property and your circumstances are likely to change over time, so being able to sell this property without too much difficulty will help move you on to your next move/purchase.
- Be prepared to take the advice of the professionals you engage with in the buying process, such as an independent mortgage broker like Anderson Harris, and don’t always go for the cheapest option. In life, you often end up getting what you pay for and if you go for a cheap solicitor, for example, you may find they are inundated with work and can’t deal with your purchase in a timely fashion.