1969 was the first time a human landed on the moon.
1954 was the first time a man ran a mile in under 4 minutes.
Could 2019 be the first time you buy your own property?
There’s a first time for everything in life – including buying your first home.
It’s an exciting but also scary thought for many people.
The decision last year to abolish Stamp Duty for first time buyers could potentially slash thousands off the price of taking your first step onto the property ladder.
We still see this as fantastic news because first time buyers are essential to keeping the property market moving.
Many property chains have first time buyers in them and without them the market slows down and can stagnate.
But if you are a first-time buyer it can seem very daunting, not to mention very grown up buying your first home.
So, here’s five quick and pretty easy tips from us to help you on your way.
Display to lenders you are financially responsible. Start saving as soon as you can and always be mindful of how you use credit. There are several websites out there which offer free credit reports to give you an idea of what kind of rating you have and how you are perceived by lenders.
Get on the electoral roll asap. If you aren’t on the electoral roll at your current address, get on it now – lenders will check that you’re on the electoral roll at your given address when deciding whether to lend to you as a precaution against fraud, so it’s vital that you’re registered.
Get the right mortgage for you. There are literally thousands of mortgages out there. We have a team of experienced mortgage advisers who can offer you an array of different options to consider.
Draw up a budget and factor in other ‘hidden’ costs. A mistake many first-time buyers make is forgetting to budget for the ‘other’ costs of buying a home such as removals, conveyancing (the solicitor’s fees) and surveyor fees. Thankfully for most first-time buyers’ stamp duty isn’t another cost to consider anymore.
Take your time deciding on what to buy. It might sound odd an estate agent encouraging you to think about not buying a property but at UPS we’ve seen on several occasions where first time buyers fall in love with properties too quickly. Of course, you’re excited but weigh up all the pros and cons of a home before making an offer.
At Ulster Property Sales we’ve built our reputation on helping people as much as we can – whether you are a first-time buyer or seasoned property investor, we’re here to help.
Thanks for reading,
Whether you are selling, buying, letting or renting, we’re here to help. Call your local branch for expert advice which is honest, accurate and informative.