Helping You Take Your First Step On The Property Ladder
We’re here to support first-time buyers every step of the way; from working out how much you can borrow to helping you understand the application process until you have the keys to your home. Getting a mortgage for the first time can be a daunting experience. Due to steep property prices, first-time buyers generally speaking have smaller deposits. Consequently, this means they need to borrow more which limits the number of products and lenders available to them.
Some lenders have introduced new product ranges to help more people take their first step onto the property ladder which also allows a parent or close family member to act as a guarantor. For many people, a mortgage is the largest investment they will ever make, so it’s crucial that you speak to an experienced Mortgage Consultant who can search through the mortgage maze to advise you on the best product available to suit your needs.
SC Mortgage Consultants aim is to deliver the best service to all our clients. We understand the needs and situation of our clients and know that every one of our clients is unique and require bespoke solutions tailored to their needs.
Top 5 Tips For First Time Buyers:
1. Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. You should ensure the intended mortgage is affordable (by doing a budget calculation). Even a newly built house will require some sort of furnishings, whereas older properties may require extensive work, such as re-flooring, tiling or renewing the wiring. Make sure that you factor in all these likely expenses, in addition to the purchase price, and other fees such as conveyancing and stamp duty.
2. If you have been used to living at home with your parents, remember to budget for expenses such as council tax, gas and electricity bills, boiler servicing and other home repairs.
3. Even if you do not have children, remember that a property in the catchment area of good local schools will always be much easier to sell on. However, this may also be reflected in a higher purchase price.
4. Always consider how your transport arrangements will change in your new house, as the cost of travelling to work may increase or decrease. Consider the availability of public transport services, making sure you find out local bus routes and the frequency of train services from your nearest station.
5. Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks and cinemas. If you enjoy activities such as walking or cycling, the neighbourhood you plan to move into may be very different to the one your parents are living in and may not have the same access to parks and other recreational facilities.