Buying your first home is exciting, but it can also feel a bit overwhelming. There’s a lot to learn, and many first-time buyers say there are a few things they wish they’d known before starting the process. Here are five of the big ones:

1. Your credit score really matters
   Your credit score plays a huge role in whether you get approved and what interest rate you’ll pay. The higher your score, the better your deal. Before you apply, check your credit report for mistakes and try to pay down debts, even small improvements can make a difference. Speak with a broker for a free pre-application credit review and guidance on “credit readiness.”
   
   
2. You don’t always need a huge deposit
   A 20% deposit isn’t always required. There are mortgage options with 5% or 10% deposits, especially for first-time buyers and some lenders even offer 100% mortgages. There are numerous schemes that enable your family to help you purchase apart from helping with a contribution to your deposit as well as various government and private schemes that can also help you get on the ladder sooner. It’s worth talking to a broker to see what’s available.
   
   
3. There are more costs than just the deposit
   It’s easy to focus on saving for the deposit, but don’t forget about other costs: solicitor fees, surveys, insurance, and sometimes stamp duty. Setting aside extra savings can help you avoid stress later.
   
   
4. Getting a Decision in Principle helps
   Affordability is a challenge for many buyers so make sure that your broker has access to lenders who offer greater flexibility. Before you start house-hunting, it’s smart to get a Decision in Principle (DIP) from a lender who won’t undermine your credit rating by using a soft search. It shows sellers you’re serious and gives you a clear idea of what you can afford. It’s quick and doesn’t lock you in! Choosing the lender with the best criteria for your circumstances.
   
   
5. A mortgage broker can make life easier
   Trying to find the right mortgage on your own can be confusing. A broker does the hard work for you, comparing deals, explaining the jargon, and guiding you through each step. They often have access to lenders you can’t approach directly, too. Explaining how much will it cost each month and what can be done to help keep to your preferred budget. Buyers often feel stressed by the process but a good broker will offer support and re-assurance as well as co-ordinating the process with the Estate agent/Housebuilder, Lender, Conveyancer, Insurance company and other interested parties.
   
   

Final tip: Don’t rush. Take your time to understand your options and get advice where needed. A little preparation can make a big difference, and help you move into your first home with confidence.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

There may be a fee for mortgage advice. The precise amount will depend upon your circumstances and will be agreed with you before proceeding but we estimate it will be £995 unless you are being referred to us by your employer as part of your workplace benefits scheme or one of our New House Building Partners, in which case our mortgage advice is a fee free service.