First Time Buyer Guide
Buying your first home is an overwhelming time, from saving your deposit through to the hidden costs that will catch you by surprise. Becoming a homeowner means a lot of paperwork, procedures and people to call upon for help so having a basic understanding of the process before you begin can really help first-time buyers. Here is our guide to becoming a home owner in England, Wales and Northern Ireland.
Save a deposit
Before jumping straight in, you need to establish how much money you can put towards a property. We’d advise doing this before you even begin your house search as it gives you a realistic idea of what you can afford. It’s quite simple, the bigger your deposit, the lower your monthly mortgage payments will be. However, it is advised that you save between 5% and 20% of the cost of the property as a minimum.
Unless you’re one of the lucky few that can buy a property with cash, you will need to take out a mortgage. Do your research and learn about mortgages by looking online for the best deals, even asking your friends or family members for advice will be useful. You will have to pay for the advice of a mortgage adviser but they are very useful when you are ready to fill out your mortgage application.
The type of mortgage you have will depend on the size of your deposit, you can generally secure a competitively-priced mortgage with a 25% deposit.
First-time buyer schemes
The Government provide several home ownership schemes to help first-time buyers. The Help to Buy scheme, Help To Buy ISAs and shared ownership schemes are all designed to make homes more affordable.
Research these schemes and ask property experts, like our team, for more information about them and we will be happy to advise.
Many of us, particularly first-time buyers, forget the hidden costs of buying a home. You will be charged for entering the mortgage agreement, if you need to hire a surveyor to check that the building is structurally sound and to hire a solicitor for the legal side of the purchase.
All other costs to consider include hiring a removal firm on moving in day, decoration and new furniture. Remember that these are easily forgotten.
Find a property
After getting your finances in order you are finally ready to find your dream property. Would you like to buy a house or a flat? A new build or a character property? Where would you like it to be located? Remember to speak to local property experts like the Poppy team who can help you to find your first home with no hassle.
Put in an offer
When you’ve found your dream home you will work with your estate agent to put in an offer. As a first-time home buyer, you're in a strong position to negotiate because you are not part of a chain. You will need proof that you can secure a mortgage and once y