What are the 3 BIG MISTAKES you need to avoid as a First Time Buyer?
We all know that buying a home is a huge financial commitment so it’s imperative as a first-time buyer to avoid some of the mistakes people so commonly make, and here’s how:
1. Avoiding getting a decision in principle.
This is a certificate from your mortgage provider that can help to reassure a seller and the estate agent that you are a serious buyer. Although the document is not an official loan agreed amount by the lender and is only valid between 30 and 90 days this DIP will put you in a stronger position when putting in an offer as it gives both you and the owners an idea of how much you may be able to borrow from your lender.
2. Underestimating how much it costs to actually buy a home
It sounds silly but a lot of First Time Buyers are unaware of the cost implications of actually buying a home. People are simply unaware of things such as solicitor fees, valuation fees, house surveys, conveyancing fees. Luckily, we do not charge you a fee, some mortgage brokers do!
**it’s essential you have saved enough to cover all of these additional costs to avoid being caught out financially
3. Underestimating how long it can take to secure a mortgage.
Sadly, there is no guaranteed timeframe we can give you when it comes to getting your mortgage application approved. It can take up to 3 to 4 weeks if all is well with your application, but it can take longer if there are any issues raised by the lender with your application.
But never fear we are here to guide you through your mortgage journey every step of the way to make the process as stress free and as easy as we can for you.
GET IN TOUCH to get your housing dreams underway!