September 12, 2022
Russell Braiden

Steps to Buying Your First Home

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A Guide to Buying Your First Home

Are you taking your first step onto the property ladder? Transparent Mortgage Services offer 10 steps to help you get there.

Purchasing your first home is likely to be one of the biggest financial decisions you make in your lifetime. The process of buying a property is not always simple. With hurdles cropping up along the way, the exciting journey can quickly become overwhelming. As a first-time buyer you have a unique advantage that by not already owning a home you won't be part of a property chain. This is attractive to sellers as you aren't awaiting the sale of your own home before you can move into a new one.

Transparent Mortgage Services have put together a comprehensive list of tips and tricks to getting on the property ladder.

10 Steps to Buying Your First Home:

1. Set Yourself a Budget & Stick to it!

The first step to finding out how much you can afford is obtaining advice from professional mortgage brokers. You need to weigh up how much you are able and willing to spend on your new home. Once you have saved for your deposit and applied for your mortgage, it is important to stick to your property budget. Keep to the limit and do not begin viewing properties above this price if you aren't willing to haggle the seller or dip into any further savings.

2. Apply For Your Mortgage Early

Arranging your mortgage as early as possible puts you in a better position with sellers, it will also relive stress from the home buying experience as you have already taken care of a big step. If you leave it too late to acquire your mortgage you could pose the risk of losing your 'dream' home. Having an 'Agreement in Principle' from a mortgage lender ready appeals to sellers who are looking to process a quick transaction and it also saves you time in the long run.

3. Don't Forget the Extra Fees

Before you begin the buying process ensure you have considered the extra fees involved, such as solicitor's fees, stamp duty, property surveys and searches. Being aware of the extra costs involved means you can calculate them into your budget from the get go.

4. Instruct a Conveyancer Early

Instruct your conveyancer or solicitor to begin the process of transferring the legal title of the property as soon as your offer has been accepted. If you are committed to buying a property you can instruct a conveyancer or solicitor without having the details of the property. This puts you a step ahead when your offer is accepted.

5. Keep Composure on Viewings

You might have found your dream property but keep in mind your reactions can impact you further down the line. Show your interest and be positive but acting too over excited early on may impact your chances of negotiating later on.

6. Remember Agents do not Work for Buyers

Estate agents work for sellers - their job is sell the property at the highest price possible. As a buyer it is important to remember this during viewings as the agents will be assessing you on behalf of their client, the seller.

7. Do your Research

When you are on the search for potential properties it is important to be aware of what the asking price actually means. Asking price is not the same as the value of the property but rather what the sellers are looking for. We would recommend doing your research into other properties in the area to get an approximate idea on prices to prevent overpaying.

8. Consider Government Schemes

There are a number of fantastic government schemes available to help first time buyers get on the property ladder, from Lifetime ISAs to the new Help to Buy: Equity Loan Scheme, as well as shared ownership schemes. Do your research and speak with a mortgage advisor to find out which scheme could be best for you.

9. Stable Credit Score

A healthy credit score is necessary to provide lenders with the confidence that you are able to repay your mortgage. Often, once the mortgage process has begun, buyers will overlook their credit score. This could be detrimental - lenders revisit your credit file upon completion and it is vital your credit score stays stable throughout the entire process. Mortgage lenders consider not only your earnings and credit score but also your spending habits. Avoid opening any new accounts or taking out a new credit card to avoid incurring additional costs. Check out our blog on how to improve your credit score if you are looking for advice.

10. Carry Out Property Surveys

When you are viewing properties it is easy to be seduced by the look and feel whilst ignoring shoddy brickwork or other issues. Building surveys and HomeBuyer reports reveal more about a property and prevents any nasty surprises - which can even help you negotiate the asking price.

The First Step to Your Mortgage

Are you ready to make your first step onto the property ladder and get your first mortgage - Transparent Mortgage Services are here to help.

We find the most competitive deals and offer helpful advice. Please contact us today on 01424 444 597 or email us at

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