Becoming a homeowner is an incredibly exciting milestone, filled with a newfound mix of excitement and freedom. That being said, we know that taking your first step onto the property ladder can be a little daunting! Whether you’re just starting to explore the idea of homeownership, searching for the perfect property to settle down in, or saving up the money for your deposit, we’ve got you covered! Our experienced mortgage advisors have a wealth of knowledge and expertise to help you navigate the process and uncertainties of buying your first home.
In this first edition of our customer story series, we caught up with one of our clients, Gemma, who bought her first flat with the help of Gail Reid Mortgage Services last year. She shares her motivations for buying her own place, the experience she had, and the advice she has for other first-time buyers…
What were your circumstances when you first came to Gail Reid Mortgage Services?
“When I first approached Gail Reid Mortgage Services, I was at the early stages of the home-buying process. I knew that I wanted to purchase a property in the next few years, but I wasn’t sure about the steps I needed to take before committing to homeownership.
I had been renting for two years and had recently spent some time living with my parents. During the COVID-19 pandemic, I found myself spending more time indoors, which made me realise the importance of having a space I could call my own. With a stable job in marketing and desire to stay in Aberdeen for the foreseeable future, I felt ready to take the next step in my life and invest in a home that was mine.
“Renting helped me get used to budgeting, managing my own finances and getting a feel for which area of the city I’d like to live in. It also allowed me to figure out what features I wanted in my own place, so I could move forward in looking for somewhere that ticked those boxes.”
What options were you considering as a first-time buyer?
“I knew that I wanted to live within walking distance to my work and the city centre, and I felt that Gail really understood that. She took the time to listen, discuss my options and help me weigh up the pros and cons of city living versus a house with a garden further into the shire. Gail encouraged me to consider how my lifestyle might evolve in the coming years rather than rushing into a decision but it was an open, non-forceful discussion that allowed me to consider all the possibilities.
“She also guided me on the choice between a two or one-bedroom property, emphasising the importance of finding an investment that I wouldn’t outgrow too quickly. She understood my need for a comfortable at-home workspace and took the time to understand my current lifestyle and future aspirations. With her expertise, I gained some confidence throughout my decision making process.”
Can you share what the process of buying your first home looked like, and any key milestones along the way?
“The initial meetings were fundamental in shaping my home-buying journey. Gail took the time to understand my preferences and future goals, we explored all the available options and she patiently explained all the technical terms relating to mortgages which really helped in making my decisions. She also assisted in gathering all the necessary documents, including affordability and market research, to ensure I had a better understanding of my financial standing and the properties on the market.
“Gail went the extra mile by speaking with my parents, they hadn’t bought a house in years meaning it was quite an uncertain for them too. Having them involved in the process made me feel more comfortable and gave myself and my parents confidence in my decisions as well as being informed throughout the journey. With the help of my parents and Gail’s expertise, I had already identified a flat of interest and secured a mortgage in principle for a second viewing. Together, we determined the mortgage term that best suited my cautious approach as a first-time buyer, initially considering a two-year term but ultimately opting for a five-year term as it gave me more stability.
Were there any surprises or lessons learned along the way?
“As a first-time buyer, I learned absolutely everything from scratch! I had no prior knowledge of the technical terms or how the process worked which was a bit daunting at first, however, with the help from Gail, the journey was smoother than I expected. I was surprised that I could actually afford the flat I wanted and so the process moved much quicker than I had anticipated but it didn’t feel rushed at all. Gail was great at putting my mind at ease and helping me feel informed and supported throughout.”
How would you describe the experience of working with a mortgage advisor at Gail Reid mortgage services? Was there anything that stood out to you?
“Working with Gail Reid Mortgage Services was really great from start to finish. Gail’s professionalism was balanced by how approachable and understanding she was, making me feel comfortable asking even the most basic questions. I was also impressed by the team’s kindness and helpfulness throughout the journey too, as they took the time to address my concerns and make sure I understood all aspects of the process.
“Gail provided me with really helpful guidance during the consideration stage; she helped me understand the importance of my credit score and gave me advice on how to improve if needed. She also informed me of the various schemes available and helped me assess how far my savings would take me towards my goal of owning a home. Her advice and expertise were vital in setting me on the right path as a first-time buyer.
“Gail was recommended to me and I can definitely say that I will recommend her to others. She shared my excitement at every milestone and was genuinely happy for me. Despite the meetings being over Zoom due to COVID-19, the warmth and approachability of Gail and her team was just the same when we met in person.”
What would be your number one piece of advice to other hopeful first-time buyers reaching out to a mortgage advisor?
“If I was to offer any advice to someone thinking about buying their first home, I would say that it is never too early to reach out. Even if you haven’t got quite enough savings for a deposit, there is still plenty to consider and prepare for and I would say that speaking to a mortgage advisor early on could save you from potential difficulties later on, like issues with your credit score.
“Don’t let your lack of knowledge or understanding of the process hold you back from seeking advice – that’s what mortgage advisors are there for! They help you make sense of every aspect of the process, explaining things clearly and keeping you updated throughout your journey. Also, find someone who has a lot of knowledge with the local property market because their advice and experience will help you make the right decisions.”
Looking to take your first step onto the property ladder? Discover more first-time buyer information and resources from Gail Reid Mortgage Services…