First Time Buyer

Buying for the first time can be a big step and whilst being exciting can also be somewhat daunting.

At Pinnacle, we understand. Most of us were all first time buyers at some time and understand the importance of getting all the assistance that you need. Depending upon how far down this road you have already traveled we thought we have put together a few steps that you will need to take.

1. Calculate how much you can borrow - there really is little point in finding your “dream home” if it is out of your price range - so START by approaching several lenders and find out how much they will let you borrow
2.   Select the right mortgage for you - The amount you are able to borrow depends upon what you earn and importantly, the deposit amount that you can offer. Lenders may vary but on average it is around three times your income or, if buying as a couple, this usually rises to three times your income plus the second income or maybe two and a half times the joint income. Conduct research by looking at say specialist magazines or websites such as “Which”, “What Mortgages” and “Home Buyer & Mortgage Advisor”. Remember some lenders will also offer other possible schemes where parents partial incomes (if they are prepared to act as guarantors) may also be taken into consideration
3. Consider the other Costs - Whatever property you may be considering to purchase, there will be other costs such as Stamp Duty, Valuations, completion fees, solicitors, land registry costs, insurance costs, and even moving costs
4. Get an agreement in principal - This will now help to put you in the driving seat as you now have a good idea of how much you can realistically borrow and therefore what you can offer
5. Find the right property - Shop around - remember you have to live there and it may be some time before you move again
6. Make an offer
7. Engage your solicitor and now apply for your mortgage
8. Exchange contracts and complete

Albeit that reading the press and hearing the news seems that all the odds are stacked against 1st Time Buyers, remember you still have advantages:

• 1st time buyers are better for sellers because they are not part of a chain
• 1st time buyers are sought after by mortgage lenders

It’s a big step but can be both fulfilling and exciting as long as you follow the steps and seek help when you need it

Pinnacle have been helping people get started on the property ladder for some time and will do their very best to find the right solutions for you

Talk to Pinnacle - TODAY

Click the button below to fill out our 1 minute short form or call us on 08700 270 172

YOUR HOME MAY BE REPOSSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The information provided is correct at the time of production (20.04.08)