TIPS for First Time Buyers

First Time Buyers Summary

Before you start looking for a place get a mortgage in principle.

As a first time buyer your main problem will probably be finding enough money for the Deposit. You want as big a deposit as possible because the more you borrow the more it costs you in the long run.

Be very wary about signing up to a deal which may trap you into something you’ll find it hard to get out of – whether you’re a first time buyer or an old hand..

Don’t just grab the first mortgage you can.

To play it very safe consider using an IFA on a fee paying basis.

Some mortgage lenders make special efforts to lure first time buyers in. So keep an eye out for these special deals.

If you’re buying as a couple, factor in the unthinkable future parting of the ways.

It will always help if you can show you’ve been paying regular rent for a similar amount to what your intended mortgage payments will be. So keep any receipts or other evidence.

 

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