A first time buyers guide to buying a property

When buying your first home it’s important the decision isn’t rushed. There are a lot of things you probably won’t know about the process if you haven’t done it before. It’s really crucial to take it slowly and get all the right information needed to make the best decision.

We have put together a list of tips and tricks for you to follow when purchasing your first home.

View the property more than once

When trying to find the perfect first home, it is important you know the house well before you make any serious decisions. Using an estate agent is a great way to get to know a property, so ensure you are always asking questions. There are a variety of estate agents in Wigan and surrounding areas to aid you in finding your perfect home.

Top up your deposit for free

For first time buyers, paying the deposit fee can be a huge stumbling block. No matter how much you save it can seem like you’re never going to make it. This is why it is important to assess your options and use a Help To Buy ISA or Lifetime ISA, these accounts can help you increase your savings by £1000 per year and you can then use this to put towards your first home.

Improve your credit score

Your credit score is extremely important when looking for a mortgage, as lenders will look into your credit history to decide whether you are worth lending to. Before applying for a mortgage ensure you are doing everything you can to improve your credit score. Some of the best things to do are: Make debt repayments on time, make sure you’re on the electoral register and if you have never borrowed it could be useful to get a credit card and pay off the balance each month in order to show you can pay repayments on time.

Tip: Although it may seem you have no options if you do have a bad credit score, there are some companies that will still give mortgages, so make sure you look into all your options before giving up.

Make sure you chose the right time

At the moment the property market is quite a volatile place and it can be expensive to purchase a house due to the deposit amounts alongside the rising house prices. This is why it is important to choose the right time to buy your house, currently deposits are ranging from 5% up to 25% so it can be hard to afford.

Rejections on mortgage applications can also affect your credit score so it is important to only apply for mortgages you believe you will be accepted for and choose the right time to apply.

Consider buying with someone

If you are looking to buy and don’t have a big enough deposit or you think it could be too expensive to do alone, it could be useful to look into buying with someone whether that be a partner, a friend or a member of your family. This can help with financial struggles as splitting the costs can make buying a house much more affordable.

When purchasing a house for the first time, the most important tip anyone can give is to make sure you do your research! There will be many things you have no idea about when it comes to buying for the first time so whether you look online or ask friends and family for tips and tricks, research is an essential part of your house buying process.