Take The First Step To Buying Your First Home

Buying your first property can be both exciting and daunting, there are important decisions to make and criteria to be considered before you take your first steps onto the property ladder. Your Right Choice Mortgages Adviser will assist you throughout the home buying process to ensure you receive the right guidance and advice.

Here is our First Time Buyers Guide

Be Realistic

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) and it is wise to seek a Decision in Principle certificate, so that you know how much you can offer once you have found a suitable property. 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.

Experience

When buying for the first time, there may be a number of details in the houses you are looking at, which you may not pick up. Always take an experienced home buyer, such as one of your parents, or a home-owning friend, when looking at property. If this is difficult to arrange, then make sure you at least get some assistance once you have selected a property you like and are arranging a second viewing. It’s always a good idea to ask when the boiler was installed and last serviced. If it has been a while, you can ask your conveyancer to request a certified boiler service check prior to exchanging contracts.

Best way to Improve your Credit Score

What information is in a credit report?

Each agency holds slightly different information about you, so it’s worth checking for a more accurate picture.

In general, your file will include:

• Name, address and date of birth
• Some search footprints on your file, such as credit applications
• Financial links to other people – for example, a joint loan or bank account
• Any late/missed payments or defaults
• How much money you owe to lenders
• Any County Court Judgments (CCJs) against you that are not paid in full within one month of receiving the notice
• If you’re on the electoral register at your current address
• If you have been declared bankrupt or entered an IVA (Individual Voluntary Arrangement).

It won’t include the following information:

• Your salary
• Student loans
• Criminal record

However, you will asked for this information when applying for a mortgage.