5 Things A First Time Buyer Should Know
There is no denying the excitement that comes with buying a property as a first time buyer, but there is a lot to think about. The entire process can be daunting and overwhelming if you are unsure of the process. To help you out, we have listed five things all first time buyers should know.
What You Should Know as a First Time Buyer
- You Need to ‘Shop Around’ For a Property – Though you may find your ideal property relatively quickly, it is important to shop around and see what else is out there. Buying a property is a big financial commitment and finding the perfect property is key. Rather than rushing into things, take the time to see what the housing market has to offer.
- A Good Estate Agent is Invaluable – Being a first time buyer can be stressful, which is why having a good estate agent is so important. Not only does an estate agent help you to find properties that match your search criteria, but they are there to guide you through the process of buying a property for the first time.
- A Bigger Deposit is Always Better – There is nothing easy about saving for a house deposit, and you may be tempted to save the bare minimum needed to secure a mortgage. However, a bigger deposit is always better. A lot of lenders demand a deposit of 5%, but putting down a deposit closer to 20% can save you money in the long run. With a larger deposit, you can decrease your monthly mortgage payments in a considerable way.
- Mortgage Rates Vary Hugely – Don’t make the mistake of assuming that all mortgages are the same, as this is not the case. Mortgage rates vary hugely, which is why many first time buyers seek mortgage advice from professional advisors. Getting the right mortgage for you can make a huge difference financially.
- There Could Be Additional Fees – A lot of first time buyers make the mistake of focusing solely on the interest rate of their mortgage, but there could be additional fees to factor in. For example, lenders usually charge an arrangement fee and having a survey done on the property also costs money.
First Time Buyer Mortgage Advice
At Sterling Capital Group, we are here to guide you through the process of getting a mortgage as a first time buyer. Though there is a lot to think about and buying a property is a big undertaking, professional help and expert advice is always available. To find out more about how we can help, get in touch with our talented team.