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10 things first time buyers should know

Buying your first home is an exciting milestone, yet it comes with its fair share of challenges and learning curves. 

For many, it’s not just about finding the perfect property — it’s about understanding the intricacies of the mortgage process, saving for a deposit, and making informed decisions that will impact your financial future.

Preparation is key to navigating this journey successfully, which is why we’ve compiled a list of essential tips for first-time buyers. With expert guidance from Sett Mortgages, you can make this process smoother and more understandable.

Why is it important for first time buyers to be prepared?

Entering the property market for the first time can be daunting. The more prepared you are, the better positioned you’ll be to make decisions that are right for you.

Preparation helps mitigate the risks associated with such a significant financial commitment, ensuring that you understand all aspects of the home-buying process, from securing a mortgage to handling additional costs. 

Being well-prepared also puts you in a stronger position when negotiating prices and can speed up the buying process, allowing you to secure your dream home faster.

10 things first time buyers should consider

Saving a deposit

The first step on your home-buying journey is to start saving for a deposit. The size of your deposit affects your mortgage rates and the type of property you can afford. Aim to save at least 10% of your home’s purchase price, though more is always better. However, there are options available if you can’t save for a deposit.

Think about high savings rates, ISAs, and government schemes like the Lifetime ISA can help boost your deposit savings.

Speak to a mortgage broker

A mortgage broker, especially one with expertise in helping first-time buyers like Sett Mortgages, can be invaluable. They can provide personalised advice, help you understand how much you can borrow, and find the best mortgage deals suited to your circumstances. Sett Mortgages can support you from the initial stages, offering expert advice tailored to your needs.

Understand the home-buying process

Familiarise yourself with each step of the home-buying process, from applying for a mortgage to completing your purchase. Understanding key stages, such as conveyancing and surveys, ensures there are no surprises along the way.

Think about the type of property you want

Consider what type of property best suits your needs and lifestyle. Do you prefer a house or a flat? New build or period property? Listing your priorities will help narrow down your search.

Narrow down your area

Research and decide on the area where you’d like to live. Consider factors like local amenities, transport links, and schools. Spend time in the area to get a feel for the community and whether it fits your lifestyle.

Prepare for viewings and get ready to offer

When viewing properties, be thorough and consider potential issues like damp or structural problems. Once you find your ideal home, be prepared to make an offer. Knowing your budget and having a mortgage in principle can strengthen your position.

Be ready for additional costs

Buying a home involves more than just the purchase price. Be prepared for additional costs such as stamp duty, solicitor fees, and moving expenses. Budgeting for these early can prevent unwanted surprises.

Get an agreement in principle

An agreement in principle from a lender gives you an idea of how much you can borrow and demonstrates to sellers that you are a serious buyer. Sett Mortgages can help you secure this, making the process smoother.

Think about long-term

Consider your long-term needs when buying your first home. Will the property still be suitable if your circumstances change? Thinking ahead can save you time and money in the future.

Understand mortgage trends

Stay informed about the mortgage market and interest rate trends. This knowledge can help you decide when to lock in your mortgage rate. Sett Mortgages offers up-to-date advice, helping you navigate these trends.

How Sett Mortgages can help

At Sett Mortgages, we understand the challenges and excitement that come with buying your first home. Our expert mortgage brokers are here to guide you through every step of the process, from advising on how much you can borrow to helping you make an offer on a home. 

We specialise in supporting first-time buyers, offering personalised advice to make your journey to homeownership as smooth and straightforward as possible. Whether you’re starting to save for a deposit or ready to find your dream home, Sett Mortgages is here to help you realise your property ambitions.

Remember, buying a home is one of the most significant investments you’ll make in your lifetime. Ensuring your mortgage is manageable not only in the present but also in the future is crucial. At Sett Mortgages, we’re committed to helping you find the right mortgage solution that fits your life, both now and in the years to come. Contact us today to learn more.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.