Important Steps For First Time Buyers

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Taking the first steps on the UK property ladder is a daunting and challenging experience. Finding the right finance, mortgage and home that suits your needs, is essential to making the right choices and understanding what you can and cannot afford. First time buyers have a great opportunity to take advantage of the slump in house prices now, before the market begins to grow once again. Good decisions now can lead to high profits in the future, so receiving the right advice is all-important.

Market Clarity

Potential first time homeowners should consult with banks and mortgage brokers to attain a clear picture of the finance options available. The brokers and banks will give you a good idea of what you can or cannot afford, which will determine what houses you search for. This will save you untold hours searching for properties without a realistic idea of the prices involved beforehand. The First time buyers of today will need to lay down a 10% deposit, and will need somewhere in the region of 2,000 and 5,000 pounds to cover the legal fees and other administrative costs.

Credit Ratings

Obtaining your credit rating is very important these days, because the banks are becoming more stringent with their mortgage offers. Gaining the appropriate finance package will depend on your credit scores, which you can obtain from services such as Experian and Credit Expert. These credit companies will not only provide you with your credit score, but they will also give you advice on how to improve your finance ratings, by paying off your credit card balances on time and other valuable information.

Valuations and Surveys

Do not purchase a property before attaining a professional valuation and survey. These reports will allow you to understand if the house comes with the normal ten-year warranty, and inform you about the level of repair and maintenance and the overall conditions of the home. Without this, you might discover some unpleasant and unknown details regarding your house after parting with your money. The Property Information Questionnaire (PIQ) is a document that will detail the history of the property, from floods and fire information, to parking information and everything in between. Obtaining the PIQ is another important part in understanding if the house is for you. It will offer a peace of mind when you make the biggest decision of your life, because there is no going back when the contracts have been signed.

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  • I'm struggling to understand.....?

    Why mortgage providers will offer 95% mortgages to first time buyers but not to homemovers. We have a property in negative equity, we've enough saved to get out of this and for a 5% deposit. Yet we can't get a 95% ltv despite 5 years of payments yet a FTB can, despite them surely being more of a risk than us. I understand FTB are important for the mortgage market, but they're not the only step on the ladder, the market is frozen and the banks are doing nothing about it!
    We have an apartment, recently married and would like a house to start a family so would prefer not to have to save for another few years towards a bigger deposit!
    With the economy the way it is, FTB get all the perks. Unfortunately for homemovers, banks are trying to get as many "new fish" as possible. Remember, the majority of those FTB are probably getting into horrible mortgage scams which homemovers would be able to notice right away. That's why the banks are not as interested in your business- they want you to stay where you are so they can trick FTB to fall into the mortgage deal you would never agree to.
    My recommendation is for you to seek out a Realtor with experience who will be able to help you find the home (and loan) you deserve.

  • Help....competency-based telephone interview.......?

    I've applied for a School Leaver Trainee position at Santander. It's for a career in Financial Services & achieving a Charter Banker Status. I've been short-listed for a "competency-based telephone interview". However, I have never done an interview like this. What sort of questions will be asked. What would they be expecting...?

    Below is the job ad if it helps...
    >> As a member of our mortgage telephone sales team (selling on a non- advised basis), you will be responsible for ensuring that the product they choose is the right one for their needs.

    Whether it’s a first time buyer, an existing customer looking to borrow additional funds or customers moving property, you’ll be ready with the information and advice they need to make one of life’s most important choices. A confident individual with excellent communication skills and bags of enthusiasm, you will thrive on working towards the targets that mean we stay one step ahead of our competitors.

    You will have a strong background of working to sales targets from the banking or financial industry. In return we offer you some of the best training in the industry as we do all we can to help you realise you’re full potential and fulfil your aspirations.

    Thanks...x
    Hi, i had my first telephone interview about 6 months back with HSBC Bank, and they just ask you questions like 'what does working for us mean to you' and 'why do you want to work with us'. Also a good tip would be to know a lot about the company's history and what they sell or do. and this will eventually help you.

    Be organised and be prepared