As you know we have just bough our first house , it was very stressful and a long process but we are happy we took the plunge. There were so many things to take in as a first time buyer. First things first you want to make sure when you get you mortgage you are not mis-sold it in any way.
These are my top tips for first time buyers –
Ensure your finances are in check
First things first is ensuring that your finances are all in order. You can have any bad debt if you want to apply for a mortgage. You have to have a good to excellent credit score. If you do have any bad debt or CCJ’s you will have to ensure these are cleared before you do apply , CCJ’s can stay on your file for up to 6 years.
Go and see a mortgage adviser
This was great for us as the mortgage adviser told us what we could afford , the type of deposit we would need and also what type of interest the mortgage would have. He also applied for mortgages in principle to see if we would be accepted. It’s really important to read all of the small print when you are signing for a mortgage to ensure that you are not mis-sold the mortgage in any way , if you were later down the line you could put in a claim.
Ensure that you have extra money to pay solicitors fees
Not only do you have to find the huge deposit which is enough in itself. You then need money to pay the conveyancing fees and for the solicitors. This all needs to be paid just before the mortgage goes through. Realistically you need to add-on £2000-£3000 for this.
Find out if you have to pay stamp duty
Some properties come with a condition of paying stamp duty when you buy them. If you house is worth under £300,000 then you will not have to pay stamp duty anything above you do.
Be patient and expect delays
One thing I learnt when buying our first house is that not everything will get done and signed on the dotted line quickly. You will be given rough dates but these will not be met in most cases. We were ringing and chasing right to the last-minute. Everything in the world of house buying seems to take an eternity.
Ensure that you have the correct mortgage
Makings sure you are sold the right mortgage is so important , as you could be paying the wrong amount of interest, You could even just be paying an interest only mortgage which really wouldn’t be ideal , as would mean you re just paying the interest off.