Expert advice for
first time buyers
As experienced mortgage advisors, we’re here to help you step onto the property ladder and buy your ideal first home with confidence.
A home is the most expensive purchase you’ll ever make, so before you begin this exciting new chapter, there are a lot of factors to consider.
Our friendly team of mortgage experts are here to answer your questions without judgement and hold your hand every step of the way – from getting your deposit saved up, to getting the keys to your very own home.
Key considerations for first time buyers
Buying a home is a huge decision for anyone, so it’s important you take your time and make an informed choice based on a number of careful considerations…
What can you realistically afford?
Start by assessing your current finances and really think about how much you could afford to spend on a house. Remember that the deposit for any property is usually 10% of the overall price, with additional legal fees during the process of buying, and ongoing mortgage payments, insurance, and maintenance once you’ve purchased your new home.
Is now a good time for you to buy?
For many of us, home ownership is the ultimate goal and one of those milestones in life that we’ve come to expect to reach – usually by a certain age. Unfortunately, today’s economic climate doesn’t make it easy for hopeful first time buyers, and although it’s certainly not impossible to buy a home of your own, it’s definitely worth considering how much you want or need to.
Which area do you want to live in?
When buying a property, you need to be pretty certain on where exactly you would like to call home. Think about where you currently live and weigh up the pros and cons of this area with the type of lifestyle you have now, and what you want in the future. Perhaps you’d like to be close to all the entertainment a city has to offer, or maybe you’d rather have more peaceful surroundings.
What sort of property would you like?
This may be dictated by what you can afford and where you would like to live, but considering key factors such as how many bedrooms you need, whether you want a flat or a house, and other features that fit your wants and needs is another important part of the journey. Remember to future proof your choice as well so you have flexibility for how your lifestyle might change.
What are you willing to compromise on?
As with many things in life, buying your first home often requires a bit of compromise! We recommend making a list of features you could forego should you need to in order to meet your budget, for instance, a private rear garden, an additional bedroom or modern features and upgrades which tend to drive the property price up.
How to get started
We offer free, professional advice to help make your dream of buying your own home a reality – here’s how…
Initial consultation
We take the time to really understand your circumstances and talk you through all the options available – from schemes and incentives, to the type of property that would best suit your needs
Affordability check
Our experienced in-house advisors can assess your current finances and find the best rates from banks and lenders, saving you the hassle and confusion of doing it yourself
Mortgage agreement in principle
If you’re ready to take the next step, we can provide you with an Agreement in Principle so you know exactly what you can afford, and can show sellers that you’re a serious buyer
Your questions answered
At every stage of your home buying journey, our advisors are here to answer any questions you might have and help you make sense of different options to make the process a little less daunting
Top tips for first time buyers
If you’re hoping to take the exciting first step onto the property ladder, but aren’t sure where to begin, we have a few top tips on where to start…
- Keep an eye out for incentives and schemes – such as the Help to Buy Equity Loan scheme and Lifetime ISAs
- Don’t forget to factor the additional costs of buying a home, like stamp duty, solicitor fees and furnishings
- Boost your credit score to increase your chances of getting a mortgage
- Talk to an expert – even if you’re only just considering buying your first home and want some pointers on where to start, we can help!
What our clients say
“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.”
Gemma Corbett, first-time buyer
First-time buyer Gemma’s path to homeownership
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.
Let’s get started
Contact our team to get expert mortgage advice and begin your home buying journey!
