If you’ve decided to take the plunge and buy your first home, you’re in the right place. We’ve put together this guide and our top tips for anyone buying a home for the first time in Nottinghamshire. Let’s get started.
Tighten Your Finances
First things first, when you decide to buy a home as a first time buyer, it’s important to ensure that your finances are in good shape at least 6 months before you plan to purchase your new home. Go through your finances with a fine tooth comb to identify unhelpful spending habits, inconsistencies in your incomings or outgoings and allow you to plan for your deposit. Lenders will want to see a good credit history and evidence that you can afford to repay your monthly mortgage payments.
Save for a Deposit
Decide how much of a deposit you would like to put down on your new home and focus on some savings goals to get you there. The more you put down as a deposit initially will determine how much your mortgage repayments will be each month and the size of the loan you will need to help you purchase your chosen property. The bigger your deposit the better. At this point it’s always worth checking which lenders are offering first time buyer deals or discounts on mortgages.
Prepare Your Documents
Your mortgage lender will want to see a number of documents to ensure they are willing to lend you the funds to purchase your first home. Try to gather as many documents together as you can to save time later on. You will need proof of ID or VISA/Settlement documents if you don’t have a British passport, 3-6 months of bank statements, proof of address, proof of savings, proof of cash gifts or the sale of a large item such as a car as evidence of where your deposit has come from. Different lenders will ask for different documents so try to prepare the basics as best you can.
Get Pre-approved
Your next step is to get pre-approval from your lender on how much they are willing to lend you. You can use this document to approach a property seller with proof that you are a serious buyer. This pre-approval will also allow you to begin searching for your ideal property in Nottinghamshire in the price range you can afford.
Consider Local Areas
Now, the exciting part! It’s time to start looking around and decide where you want to live. Nottinghamshire has so much to offer and the area you choose will depend on your needs. Do you need to be near a school? Will you need to commute for work or would you like to move closer to it? Can you drive to the shops or do you need to walk or be close to public transport? When you have the ideal area in mind, it’s time to start looking at suitable properties!
Talk to an Estate Agent
An experienced estate agency will have the expert knowledge to support your first home purchase from the day you decide to buy, right up until the moment you get the keys to your new home. They can advise on property, mortgages, lenders and provide support; making the whole process run as smoothly as possible for you.
Holden Copley Estate Agents are an award-winning estate agency with offices all over Nottinghamshire and can help you navigate the home buying process from start to finish and beyond. Contact our team here to discuss how we can best support you on your home buying journey.
