Although buying a new home for the first time can be very exciting, it is a huge responsibility. Make sure you know everything there is to know before you purchase a house, as if you don’t have everything organised, it may make the process all the more difficult. Make sure you have all your relevant documents and paperwork handy when buying a house, such as credit score, previous address(es) and proof of income. We at Black Norman have created this first time buyer guide which we hope will be helpful to you if you’re currently in the process of securing your first home.
It’s important to begin saving for a deposit early, so you’re able to accumulate the sufficient amount needed for a mortgage. Generally, it’s required that you save around 5-15% of the price of the house you intend to purchase, depending on the type of mortgage you opt for. You can get different mortgages that require different deposit percentages, so make sure you discuss this with the lenders, do research and ideally speak to an independent mortgage adviser
There’s very little in life more important than deciding where you live! Think about proximity to family, amenities or places you need to get to, such as places of work and schools. Has it got good transport links? Access to motorways, railway stations etc? Perhaps you’re after the rural idyll! Are you currently working from home and will you be in the future?! Will you and your family have room to grow? Make sure the location of the house you are looking into buying is in a convenient location and fits with your income and any budget you’ve created.
If you have insufficient funds or income amounts, you may be denied a mortgage by certain lenders. Make sure you have sufficient income after tax to afford the house you’re looking at to avoid losing out.
Making sure you have a solid credit score and history is vital, as this is what is going to allow you to make large-scale purchases. If you’re in debt or have a low credit score, you may be denied in your application for your mortgage, or it may hinder the progress and take longer than you originally predicted. We would suggest you speak to an independent mortgage adviser
Once you’ve got all your financial information sorted and you’ve worked out a location, you’ll want to arrange viewings. These can give you a better idea of the condition and size of the property, as well as value for money. You can also talk to the landlord about any expectations for the property. Once you’re happy, you can then make an offer on the house. Once your offer gets accepted, time to instruct Black Norman on the conveyancing!
We have begun to expand our services, which now includes information and advice on residential conveyancing. You can also view our other services, which include information on Wills, Lasting Powers of Attorney, Probate, Commercial Property and other affairs. You can also check out our helpful purchase sheet, which includes information about the legal side of property buying. Contact a member of our team on 03300 167 847, or visit us at our branch in Crosby.
