At Mishon Mackay, we know first-hand just how stressful buying your first home can be. Our resident mortgage expert, Rob Starr – CEO at Seico Insurance & Mortgages – has put together his top tips for those looking to buy their first home.
He says: “Buying your first home can feel daunting. It is likely to be the most expensive purchase you will have ever made and that may fill you with worry and bring on new levels of stress. But of course it is a purchase you want to make and you are choosing to make, so why should it come with stress and worry. It really should be fun and exciting, and it can be if you have the right team with you.
“The truth is that if you have the best people looking after you and you form a good working relationship with them then you will achieve your dream of owning your first home without suffering needless stress.”
You can help yourself by following a few simple tips:
- Speak to an independent whole of market mortgage broker – they have every lender available to them and they understand what each lender needs to lend to you and they will understand how to help you secure the best mortgage for your (often unique) position.
- Speak to a mortgage broker FIRST. A short telephone call, and often within just 20 minutes, you can get a good idea of what’s available to you now and what you need to do next to achieve a mortgage offer. Just think how much fun it will be house hunting if you already have a mortgage ready to just be applied to a property you find.
- Once you have your mortgage offered in principle you can speak to your preferred agent, find the right property and make an offer. All the hard work of finance is already done, so you can simply tell your agent what you are after and then let them do their magic and find you your first home.
- Once you have found your new home and your agent has given you the good news that your offer has been accepted you then call your mortgage broker and share the good news with them. They will organise a property valuation for you and subject to that going well you will receive an official mortgage offer.
- Next is the legal work. The best advice is to appoint a solicitor to act for you. This is called conveyancing. The conveyancer will check the property title is correct, they will check the mortgage offer is suitable and then work with your agent and mortgage broker to exchange contracts with the seller, and then complete the mortgage and get you the keys. Both your agent and your mortgage broker can recommend a good conveyancer, so you do not have to go out and hope you find a good one – they have that covered for you.
- Then you can move in!
Remember these few points that will help the whole process and reduce your stress:
- Contact your mortgage broker first and take their advice. It’s really important you know what you can afford and what you can borrow before you go house hunting.
- Find an established local agent with good knowledge of the area you want to live in.
- Don’t be surprised if things seem to go wrong occasionally. Things are rarely smooth sailing without the odd bump. But if you trust your mortgage broker and your agent then they will find you a solution. Most of us have suffered the stress of something without it ever actually happening! Don’t make this one of those times. Don’t worry unnecessarily, just let your team find the solution and you will soon have the keys in your hand.
If you’re ready to take your first step on the property ladder, get in touch with Rob and his team today. You can get in touch here.
