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6 top tips to help first time buyers get on the property ladder

Posted by IMS Team on 15/09/2020
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                  1. Start saving as soon as you can

Standing at an average of £45,000, a typical deposit for a first home can feel seemingly out of reach. However, if you start by putting a set sum of money away each month early on, this should help you work towards your savings goal.

 

  1. Work out a budget and speak to a mortgage advisor (That’s us!)

We can look at your income, any debts you may have, and your deposit, to make an assessment of how much you may borrow. For your house search to be realistic, this should be done at the start. Getting a mortgage offer in principle will also show sellers your finances are in order, making you an attractive buyer!

 

  1. Research!

There is no deeper heartbreak than falling in love with a property/area that is out of your budget so make sure this research is done prior to you starting your house hunt.

 

  1. Have your papers in order

Once you have an offer accepted, you’ll need to submit various bits of paperwork to get the process moving. Documents such as ID, utility bills will need to be shared with your estate agent as well as payslips and bank statements to be submitted to your mortgage advisor.

 

  1. Patience is a virtue

It is rare for house purchases to stick to the expected time frames. It may take several months to find your dream home followed by the usually long process of the transaction. This is a huge financial commitment, so it is important not to rush it.

 

  1. Work with a professional estate agent (That’s us too!!)

We are a NAEA Propertymark estate agent which means we will ensure you are making a realistic offer on properties that only suit your specific criteria and budget.

 

*This content is courtesy of Propertymark*

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