What are the best strategies for first-time buyers?

For first-time buyers, navigating the housing market can feel like a daunting task. But there are a few strategies that can help make the process smoother and increase your chances of finding the perfect home. You got this! 

  1. Start saving early

One of the best habits to get into for first-time buyers is to start saving early. Saving for a mortgage deposit is a huge challenge for most people, so it’s important to come up with a savings plan and stick to it. Cutting back on unnecessary expenses and setting aside part of your income each month will help you build up your pot of money towards your house goal. If you know you’re going to be using the money for a house purchase, consider using a Lifetime ISA for free money!

  1. Speak to a mortgage broker

Find an independent mortgage broker who is “whole of market”. This means they can look at all the different lenders and assess the right one for your situation, as well as telling you how much you can borrow. Some mortgage brokers are free to use, some charge a fee, but most of them will have an initial fact finding session with you for free.  

  1. Get pre-approved for a mortgage 

This usually involves meeting with a lender who’ll assess your financial situation and determine how much you’re able to borrow. Your mortgage broker should be able to help you submit all your documents to the lender, who will produce something called a “decision in principle” (DIP). By getting pre-approved, you’ll have a really clear understanding of your budget and exactly what you can afford. So you’ll be able to focus your search on homes within your price range. 

  1. Patience and research are key

Lastly, it’s important to be patient and not rush into a purchase. Buying a house is one of the biggest commitments anyone can make in life. So it’s worth taking the time to view lots of different properties and compare all your options. When you do this, it’ll help you figure out what’s really important to you and give you a better understanding of what you’re looking for and what’s truly suitable for you and your lifestyle. 

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