Advice for First Time Buyers

As a first-time buyer you might think that buying your first home is a daunting prospect. Getting on to the property ladder will probably be the single biggest financial commitment that you make.

There are a lot of mortgages on the market. Finding the right one for you can be a difficult and time-consuming process.

Here are some tips and advice to make the process of getting a mortgage easier and help you to make the right decision.


How much can you afford?
The first step is to find out how much you can borrow and then work out what is affordable for you. Our mortgage calculator will help you.

When you have made the decision to buy your first home you will need to find a deposit. Save as much as you can. The larger the deposit you have the better your choice. A small deposit will restrict the mortgages available to you. There are schemes like Help to Buy.

Credit history
You will need to get ‘mortgage ready’. There are a few things you can do to improve your chances of getting a mortgage. Lenders will check if you can afford the repayments. Checks will include a look at your income versus your expenditure, so you need to demonstrate that you are able to keep your finances in order. If you have any outstanding loans, pay these off before you apply for a mortgage. Avoid taking out any new loans. Speak to a mortgage advisor about your options.

Make sure you are on the Electoral Roll. It’s easy to do and will substantially boost your credit rating. Rationalise all your bill and make sure everything is registered to your current address to make it easy to trace.

Check your credit score on Experian, Equifax, Noddle or a similar site. If you know you have a bad credit rating, then stop applying for more credit. Searches carried out in a short space of time can count against you.

Use a credit card responsibly. Pay the balance off in full each month and demonstrate that you can handle credit.

Save for other costs
There are other costs to consider when you are buying your first home. These include legal fees, surveyors’ fees and removal costs. Put enough cash aside to cover these.