First Time Buyers - Getting on the Property Ladder

If you are looking at purchasing your first property the best advice we can give is to do your homework!

Buying a property can often become an emotional issue and good sense and financial planning can easily be waylaid in the excitement of your new move.

Your first mortgage can have a large impact on your choice of property. It is worthwhile talking to a mortgage consultant to establish both what you can afford to repay each month and what you can afford to borrow before you put an offer in on a property.

Many first time buyers will approach their Bank or an Estate Agent Financial Adviser for their first mortgage. Only-Mortgages believe First time buyers should always talk to a fully independent adviser who searches the whole of the market for the best deal to suit their own circumstances.

Key areas you should remember:

Affordability - don't let yourself be stretched when purchasing your first home. Work out a comfortable monthly budget for expenses before you start looking at properties. Then stick to it - if the budget doesn't let you get what you want look at alternative solutions, a different location, property criteria or purchase price. Allow for unforeseen expenses and circumstances when planning your budget - and don't forget the boring items: gas, electric, water, phones, insurances, maintenance, legal costs etc.

Flexibility - perhaps the most common mistake amongst first time buyers is not to build in an element of forward planning when arranging their first mortgage; in the euphoria of your first purchase you may think you will be in the property for 5 years minimum but when you are expecting your first child, or have got a big job promotion you may wish to move in two years.

Rates - a mortgage is more complex then finding the cheapest advertised rates. Charges are manifestly hidden in mortgages, for example a £1000 arrangement fee can be much more expensive than a monthly £50 saving. The 'cheapest' mortgage is not always what it seems.

Fees - Check that you are aware of all fees before committing to a property. Fees could consist of broker fees (arrangement, advice), lender fees (valuation, arrangement, insurance, telegraphic transfer, mortgage indemnity, completion fees) and legal fees (stamp duty, solicitor fees, disbursement fees, search fees).

Negotiation - Always remember that as a First Time Buyer you will usually be in a good position to make offers on properties. Always aim to save money where you can; solicitors also may negotiate prices.

Our advisers are here to help

Our advisers are here to help. Each adviser is experienced enough to assist you with your purchase and has access to the whole of the mortgage market. With over 7000 mortgage schemes available in the UK would you like some help?