3 things you need to consider when buying your first home

27th July 2018

Industry insider Richard Jenkins has summarised 3 of most important things to consider before making your first step onto the property ladder. Buying your first home is one of the most exciting moments in one’s life.  There are many things to consider before making what is for most, the biggest financial decision to date.

Bristol's Independent Mortgage Broker

Mortgage industry insider Richard Jenkins

  1. Consider all the costs – Other than the mortgage you will need to help facilitate your purchase there are numerous other costs that form part of the transaction that you will need ready.  You will require a deposit sufficient to fill the gap between the amount the mortgage lender is prepared to lend and the property purchase price.  The mortgage lender may have a mortgage booking fee as well as a mortgage product fee.  The mortgage lender will require a valuation survey before approving the mortgage.  If you intend to have a more detailed survey such as a homebuyers report or structural survey, these are additional costs you will need to account for.  Legal fees will need to be accounted for and stamp duty costs, dependent on property value will need to be accounted for. Your mortgage broker should be able to source mortgage lenders that offers incentives for first time buyers such as free valuation reports and or cashback on completion.
  2. Can you afford to buy – Any mortgage lender is required to ascertain if you will be able to afford the amount you wish to borrow.  They will make this judgement by assessing your personal and financial circumstances often closely scrutinising payslips, accounts and bank statements.  When reviewing your bank statements the mortgage lender will be looking to see if your current spending habits will affect your ability to repay the mortgage now or in the future.  Understanding your spending habits and making adjustments early on will better your chances of approval.  It is an important exercise to forecast your household expenditure post completion of your mortgage – especially if you are currently living with Mum & Dad.  There will be many new monthly costs you will need to budget for that you currently don’t. Such as mortgage, council tax, electricity, gas, water, phone, internet, home insurance, life insurance.  Our mortgage advisers are able to critically analyse your current  and future position and present your position to a mortgage lender in the best light. We also run events in the city twice a year where you can drop in and chat with a professional.

    2018 First time buyer mortgage event in Bristol

  3. Stretch yourself – Getting on the property ladder can be a relief.  But if  you can jump a rung on the ladder all the better.  We are a great believer in stretching yourself financially providing the stretch is affordable today, next week, next year etc.  You may love the idea of a one bedroom flat to call your own, but given the cost and complexity of any property purchase give consideration to how your life may change over the next ten years.  With that in mind try and a make sure your first purchase is suitable now and if your needs change in the coming years.  Your personal and financial situation may change, that mean moving home isn’t possible.  Far better to be stuck in property that will be suitable for the next 10 years rather than 2 years.  You want a flat, but can afford a house – don’t rule out buying the later.  This is all subject mortgage affordability and cost.  Our mortgage advisers can complete mortgage affordability assessments with over 90 mortgage lenders so you will be able to understand your maximum mortgage borrowing capability and property purchase. If you are a first time buyer click here. 

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