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First-time buyers – Stay ‘positive’

With rental costs taking a vast bulk of each month and considering the many thousands of pounds needed for a mortgage deposit, whilst there is little return on savings, finances needed for first-time buyers can become daunting.

Unless income picks up, it seems those aiming to buy a home for the first time will become more alarmed whilst experts are predicting house prices to rise further in the coming years.

Now to state the obvious it is always a good idea to plan ahead of time. Positive energy plays a big role in our lives and whilst the negatives are always going to be there it is within your control whether you let them take you away from your goals.

There are many steps that first-time buyers can take in order to make their life easier. The BBC News website asked two property experts for some tips to first-time buyers. I found the underlying moral of each tip had two things in common; stay positive and plan ahead. Now let’s take a few of the most unusual tips in turn.

  1. Be nice to Estate Agents

You can appreciate that just like everyone else, Estate Agents just want an easy life. An enthusiastic buyer that is mind set to the type of property they want, the location and their budget is one who has planned ahead and therefore going to find it easier to choose a property from a handful rather than wondering away from the realistic options available to them. If your mortgage finance is in place this will show you have taken the necessary steps. An Estate Agent is more likely to inform you first when a property that ticks all the boxes of your instructions is placed on the market. Once you have found your ideal home the Estate Agent will work alongside you and your solicitor to try and make the process as hassle free as possible.

  1. Spend on the professionals

Yes that’s right! It is probably not going to be an experience you already budgeted for, so whilst planning ahead is important, it doesn’t work without the positive energy that you must keep at its highest level throughout the process. Alongside the purchase price there is the costs of all the legal checks, insurance, surveys, searches, removals and so on. Whilst the list is never conclusive and dependant on the circumstances which can pop up when you least expect them, it is well worth spending some money securing the services of a good solicitor who is easy to contact. This will enable you to have the support you need in order to overcome each challenge as they come, getting you that little closer to your new home. Remember, when spending tens or hundreds of thousands pounds it is worth it. Just stay positive, a good solicitor will always address to you issues that may become an issue in the future, if you work together to deal with these when purchasing then in the long run you will minimise the chances of any stress to do with your first ever new home. The benefits will outweigh the extra cost factor and so overall it is worth staying positive.

  1. Check and work on your credit file in advance

Now here’s a tip highlighting the importance of planning ahead. So, we all have access to credit reference agencies right? Yes we do is the answer; Experian, Equifax and Call Credit. It is wise to check your credit file at least six months in advance of applying for a mortgage. This will enable you to put right any inaccuracies. Now here’s a tip I also read on the BBC News website; “Borrow on a credit card (and pay it back)”.  This tip was given by Ray Boulger, of mortgage broker John Charcol. He says that being a regular saver does not influence your credit score. Instead, having a couple credit cards which are paid off in full every month proves that mortgage applicants can handle credit. It makes sense to me, what do you think?

The material is for general information only and does not constitute investment, tax, legal or other form of advice. You should not rely on this information to make (or refrain from making) any decisions.

 

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