FIRST TIME BUYER CHECKLIST

Congratulations! You’re considering buying your first home, but where do you start?

Here’s our handy checklist so that you can make sure you’ve done all the background work before you take your first steps onto the property ladder:

  • CHECK YOUR CREDIT SCORE

It’s going to be difficult to get a mortgage if you have no credit history or a low credit score. Check you credit score and contents of your credit file by signing up to the 30 day free trial here:

www.checkmyfile.com/?ref=laurabarrett2&cbap=1

And check out our First Time Buyer guide for more information about what you can do to improve your credit rating.

  • SORT OUT WHERE YOUR DEPOSIT IS COMING FROM, HOW MUCH YOU CAN GET TOGETHER & WHETHER YOU NEED ANY HELP FROM FAMILY

Whether it be a Help to Buy ISA, Lifetime ISA, normal savings account, or a gifted deposit from family, it’s important that you know where your deposit is going to be coming from and how much it is likely to be. This way you’ll know what value of properties are realistically within your budget.

  • CHECK WHETHER YOU’RE ELIGIBLE FOR ANY GOVERNMENT OR FIRST TIME BUYER SCHEMES

The Help to Buy (equity loan) scheme, Shared Ownership properties, or Right to Buy are all great ways to get on the property ladder. Speak to an expert early on so that you have all the information you need early on in your property search.

  • MAKE SURE YOU’VE BUDGETED FOR ADDITIONAL COSTS

Extra costs can add up so make sure you’ve budgeted for things like legal fees, product fees, valuation fees and surveys. We normally recommend a contingency of around £2000-£2500 to cover all these additional costs.

  • GET SOME EXPERT ADVICE!

Here at Stonebrook Mortgages, we know that this is a daunting process and we’re here to help. The earlier you speak to us the better. We can advise about all of the above and also let you know what you’re able to borrow, so that when you want to view properties, you’re in a much better position. We’ll then do all the hard work for you, finding the right mortgage product for you and dealing with all the admin that comes with it. It’s a no brainer!

GET IN TOUCH TODAY!

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