Six Tips for First Time Mortgage Buyers

Getting onto the property ladder for the first time can be a daunting experience – not least due to the massive amount of information out there when it comes to mortgages. How do you know which one to choose? What if you make a mistake? After all, this is a very big decision.

However, help is at hand. Below are six tips on how best to approach the mortgage question if you’re a first time buyer.

1. Think about what you need from a mortgage.
Believe it or not, mortgages are not just a one-way street: you need to find a system of repayments that works for you. If you don’t, you may find yourself struggling to keep up financially, which can cause unnecessary stress and worry. Similarly, if you get a mortgage that doesn’t provide what you need, you may find yourself settling for a property that isn’t right for you, which can cause problems further down the line. The key is balance – a little forethought goes a long way.

2. Don’t overreach yourself.
If you’re a first-time buyer who’s previously been living at home with your parents, you’ll need to take into account additional expenses (bills, rates, council tax, etc) when you’re budgeting how much you can afford to repay on your mortgage. Similarly, you’ll need to make sure you can afford the repayments even if interest rates rise. If you forget this, you could find yourself in a serious financial pickle later on.

3. Don’t be afraid to ask for help.
The mortgage market is confusing, especially if you’ve never done it before. Most providers offer the services of a mortgage advisor, who’s specially trained to help you work out exactly what service would best fit your circumstances.

4. Don’t just go for the first mortgage that comes along.
It can be tempting to settle for the first mortgage that seems to meet your criteria, but this is rarely the right one for you. Of the hundreds of mortgage packages out there, what are the odds that the first one you settle on is going to be a perfect fit? Pretty slim. Take a little bit more time to scout around the markets and see what’s out there. You could save yourself a substantial amount of money, and even if you don’t, you’ll have the satisfaction of knowing that you have the best possible package for you.

5. Read the small print.
No one likes doing it, but it’s important to know exactly what you’re getting yourself into – after all, a mortgage is likely to be one of the biggest set of repayments you ever find yourself making.

6. Try not to worry.
Moving house is stressful enough as it is. There’s enough support out there to make sure you don’t have to struggle unnecessarily with the question of your mortgage, and (while it definitely needs to get sorted) it doesn’t have to be the minefield that many people make it. Congratulate yourself for getting on the property ladder, and don’t forget to enjoy your new home.

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