Things to consider if you are a first time buyer -

Things to consider if you are a first time buyer

Practical Tips for Your First Property Purchase

Saving for your first home can feel overwhelming, but there are ways to make it more achievable. Some mortgage options allow smaller deposits, though these often come with higher interest rates. It’s all about finding the right balance for your budget.

The government also supports buyers through schemes like Help to Buy, which lets you step onto the property ladder with just a 5% deposit. Speak with our team to explore the best mortgage options for your situation.

In 2016, the average first time buyer deposit was £33,960 (Halifax, 2016) – a daunting goal. There are other types of mortgages available that require smaller deposits – however, they will generally have higher rates of interest.

The government currently still offers the Help to Buy Scheme, which allows buyers of both new and existing homes to purchase a property with just a 5% deposit, with the lender then able to buy a guarantee from the Government covering up to 15% of the property value.

Speak to one of our Independent mortgage advisers to find the best deal to suit your needs.

Plan Your Budget Carefully & Realistically

Understanding your finances is essential when buying your first home. It’s tempting to dream big, but staying realistic ensures you won’t overextend yourself financially.

Add up all your regular expenses, including lifestyle costs, to figure out what you can comfortably pay each month. Lenders now follow stricter guidelines, so being prepared for detailed affordability checks is a good idea.

Be Open to Flexibility

Finding your first home often means making trade-offs. Holding out for the perfect property might lead to missed opportunities. Consider homes that might need some updates or are slightly outside your ideal location but offer good value.

Knowing where you can compromise is key to making your dream of homeownership a reality.

Don’t Judge a Home by Photos Alone

Sometimes, photos don’t do a property justice, or they might exaggerate its appeal. Take the time to view properties that meet most of your requirements on paper, even if they don’t look exactly how you imagined.

You may be pleasantly surprised when you see a home in person and discover it fits your needs better than expected.

Think Long-Term

Instead of stretching your budget for a property in a well-established area, consider neighbourhoods on the rise. Areas undergoing regeneration or new infrastructure projects often see property values increase over time, making them smart investments.

Look out for signs of development, like new transport links, housing projects, or retail spaces.

Secure a Solicitor Early

Once your offer is accepted, having a solicitor handle your purchase’s legal aspects is vital. They’ll navigate potential challenges, keep your transaction on track, and protect your interests.

Getting a solicitor on board early ensures you’re ready to move forward quickly when you find the right property.

Discover How NeonLock Can Help

Purchasing your first home is a big step, but with the right guidance, it doesn’t have to be overwhelming. At NeonLock, we’re here to support you every step of the way. Visit our ‘Buying a Property’ page to learn more about how we can help you achieve your homeownership dreams.

We provide expert advice at no cost to you, with a simple fee for mortgage application processing. Remember, keeping up with repayments is crucial to protect your home.