Buying your first home can be a lengthy and daunting process if you’re unsure of what to do. At SDP Real Estates we arm you with the right information and support to help you on your journey.
Our advice will save you time, money and effort and you’ll be ready to take on the property ladder before you know it!
Buying a house isn’t cheap and so it’s important to get organised and start doing some maths!
It’s not always the most exciting step, but we recommend working out how much you can afford to borrow on a mortgage to find what’s most affordable to you.
When applying for a mortgage, lenders will check your credit history, so it’s a good idea to check that yours is healthy. If you’ve never borrowed before, get advise on taking out a credit card and paying off the balance in full each month to show to potential lenders you can pay debts successfully.
For those of us who haven’t the luxury of inheriting a fortune, it’s important to have some savings set aside for buying your house.
Depending on your location we recommend trying to save between 10% to 20% of the cost of the home you would like to purchase. For most deposit schemes there’s no time limit in how long it takes to save. We recommend setting up a direct debit of a certain amount into a savings account each month and setting up a savings goal to keep you on track.
On the contrary, there are lots of incentives or and housing schemes for First Time Buyers which are there to help you if you need it. Our experienced and dedicated mortgage consultants will be able to help you find a solution that works for you.
Although it’s only the beginning of your property journey, it’s wiser to think of the bigger picture and thinking about how long you see yourself living in there.
Buying a home is a long term commitment and it’s worth considering if you see yourself being in your first house for a long period of time?
Buying a home is a legal binding so be sure to do your homework, read any small print and think things through!
Be sure to document everything, have things in writing and never hesitate to get in touch if you have any questions.
Leave the pointless home browsing for the nosey ones! House viewing can become a chore if you’re not doing it with purpose.
It’s wise to create a list of what you need from a house rather than what you’d like.
House buying is a commitment and creating a home is a process. Start with what you need and build for what you would like.
What Is A Mortgage?
A mortgage is a type of loan buyers use to purchase a property.
Mortgages can be obtained from banks, building societies and mortgage lenders. The amount they lend you falls down to your circumstances, credit score and the amount you can realistically afford to repay. Interest on the loan is usually charged and you will have an agreed time span (mortgage term) to repay the amount borrowed. It is important to understand that the interest rate can and will change over the duration of the loan, so do your research on your chosen lender.
When choosing a mortgage there’s several key things to consider; 1. How much can you afford to borrow and then repay on a monthly basis? 2. What’s the best repayment option for you? 3. How long should your mortgage term be? 4. What type of mortgage is most suitable for you?
Whether you’re buying, selling or letting it’s always wise to have the property valued.
We use accredited surveyors who provide each of our customers with a professional insight on the properties worth.
We assist each Buyer to ensure they’re making a confident and informed decision based on the knowledge of an expert.
Our network of surveyors will be able to advise you on the value of a property.
Speak with one of our agents to find out more