Top Tips for First Time Buyers

Buying your first house is an exciting moment in anyone’s life. However, it can also be quite daunting. Many house buyers find the house buying process to be complicated and confusing. However, for first time buyers it can feel like a complete minefield. 

Here at Mandairs, we want to help first time buyers enjoy the experience of buying their new home. Below we have listed just some of the things that we think first time buyers should be aware of before buying their first time. By being aware of these things in advance, it will make the house buying experience that little bit easier.

Check out our tips for first time buyers in Peterborough below:

Mortgage

It’s important to get your mortgage application in early. By having a mortgage in principle ready, you will become an attractive buyer for the seller’s home. This will save you time in the long run. It could also save you money too. Not applied for your mortgage yet? Give our team a call and we can connect you with our friendly mortgage advisor who will help you through the process.

Deposit

Keep saving money towards your house deposit. The more deposit that you can save up, the better offers you will get on your mortgage. 95% mortgages, with a 5% deposit are possible. However, you will get much lower interest rates and more mortgage providers available to you if you can save up a bigger deposit.

Negotiate

As we touched on in our first point, being a first-time buyer can save you money on a house. When you are a first-time buyer, you will be more attractive to a seller. This is because you may be able to speed up the process, as you have no chain behind you. You will also create a smoother process for the selling of their home. This can mean that you have the ability to negotiate on the home and purchase the property for a lower price.

Extra Fees

There are a lot of extra fees and costs involved when buying a home. These can include things like solicitors’ fees, government fees, surveys, moving van costs, packing materials and more. As a starting point, you will need around £1,500 for the solicitors. Think about what moving costs you will have and the items you will need to buy for your new home too. There may also be set up costs for the internet and similar.

Insurance

When buying a home, it is a necessity that you have house insurance. It is essential that you have this set up in advance. Some mortgage lenders will request that you have buildings insurance before they will proceed with your contract. Need help choosing the right building insurance provider for your needs? Our team will happily help you with recommendations.

These are just some of the things to be aware of and prepared for when buying your first home. If you are a first-time buyer in Peterborough, call our team. We can help you through the process of buying your first home. Our team will be there to help you every step of the way, supporting and helping you where you need it.