It’s a near-impossible task trying to navigate the home buying process on your own, we’d like to help you to avoid mistakes that will potentially hinder your ability to secure your dream home. As this is your first time doing this it’s okay & common to know not everything so here’s our compiled list of some mistakes for you to avoid on your journey!
1. Only Getting One Mortgage Quote
Going straight to your bank can seem like the safest approach especially when you’ve been with them for years but it’s common for banks to put on hidden charges when you go directly to them for a mortgage. This why shopping around and visiting a broker can help save you thousands of pounds. We offer a free tool that helps you compare deals & find out how much you could borrow right now!
2. Buying A House For More Than You Can Afford
Having a clear budget in place before you start looking for properties can help ensure you’re only looking at properties you can afford without huge strain this is another case where talking to a mortgage broker prior to your search can help get you some insight. This can save you the disappointment of viewing homes you can’t afford or some considerably below your budget. Getting a decision in principle shows you how much a lender is willing to give you and this can help you offer on a property.
3. Not Thinking Of All The Costs Involved
Homeownership isn’t just mortgage fees, it’s important to consider household utilities, council tax, and also your legal fees to name a few. Also if you’re opting for an older property it can help you, in the long run, to set money aside in case it needs to be rewired or needs an improvement in insulation, etc. So it can be helpful to communicate with the estate agent to see if they have any contractor contacts (we do so feel free to call us if you need help in this regard.) Estate agents will usually have an up-to-date knowledge of property taxes so they can help provide you some insight.
4. Not Looking After Your Credit Score
Having a good credit score can do wonders for your mortgage application & as a first-time buyer, it’s common that you might not have an in-depth credit history. It’s important to keep a good credit score as this increases the chances of getting the money you want for your dream property. When you meet with our mortgage advisors they will take you through a credit checker and if it needs work they will be able to give you professional advice to help you get it to where it needs to be.
5. Lack Of Future Planning
The thrill of buying your first home can be all-consuming and it leads many people to run into it headfirst without taking some time to think. Take some time to get professional advice & wait until you’ve paid debts off, built up your credit score & increase your savings. This can help ensure your mortgage application gets accepted the first time so you can have a happier path to your new life in your dream home.
Thanks for reading, see you soon!