If you’re making your first steps into the property markets then you certainly have your work cut out. Not only will you have gone through the often long process of looking for the perfect home, you then have to deal with the managing the sale.
One of the biggest hills to climb with this for first-time buyers is securing a mortgage; it’s fair to say there’s quite a lot of choice out there and without the right knowledge, knowing just what to go for can be a bit of a headache. Luckily though, help is at hand in this blog post as you can find a few tips to help make your search a little easier.
Look for Longevity
One of the first things you can do to narrow down your options is to create a list of providers that are established and have a long history of providing mortgages. This shows that they are a trusted organisation and that lots of other buyers have put their trust in the lenders’ respective mortgage offers.
Look for Specific Offers for First-Time Buyers
Along with the above, you should also look for the providers who have special deals specifically aimed at first-time buyers, like this example from Saffron Building Society. These tailored options will often have favourable benefits and special deals only for those buying their first property.
Are There Any Added Extras?
Speaking of the favourable benefits, you should always look for what bonus extras you might be able to get for choosing a certain provider over another. It might be that you get cash back for setting up an account with them, or that you get discounts on essential cover like life insurance, or perhaps that you have options to re-mortgage at later dates.
What Fixed-Rates Are Available?
Another significant aspect to consider is what fixed-rates are available for you as a first-time buyer. While you’ll have the option for a variable rate, the sensible choice is to choose a fixed one, as you’ll know for longer just how much you need to repay each month. As such you should see how many years you can actually secure a low fixed rate with the lender.
Ultimately, this really is a hugely important investment and you want to make sure you’re making the right financial choices for you and those involved in your purchase of a new home. So use this advice and you can help make the buying of your first house more straightforward.
