{"id":72289,"date":"2020-01-09T22:23:19","date_gmt":"2020-01-09T22:23:19","guid":{"rendered":"https:\/\/www.templewealth.co.uk\/?p=72289"},"modified":"2020-09-23T15:52:58","modified_gmt":"2020-09-23T15:52:58","slug":"first-time-buyers","status":"publish","type":"post","link":"https:\/\/www.templewealth.co.uk\/first-time-buyers\/","title":{"rendered":"First Time Buyers \u2013 Getting on to the Property Ladder"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Buying your first home is a massive step, and with the average age, purchase\nprice and loan size all steadily rising for First Time Buyers over the last 10\nyears, here are some of  the key things\nto focus on before taking that first step onto the property ladder.<\/p>\n\n\n\n\n\n\n\n

How much can you borrow?<\/h4>\n\n\n\n

One of the big difficulties with house-buying and being a First Time\nBuyer is the huge variance of mortgage lenders, their policies and particularly\nhow much each will lend to you. They will all run their own unique\naffordability tests to determine the amount they are prepared to lend, but as a\nrule of thumb, you will be looking at roughly 4x annual salary. There are ways\nof maximising this and even going beyond it. Some lenders will be more generous\nwith employed income, taking into account overtime, commission and bonuses.<\/p>\n\n\n\n

For self-employed income, there are lenders who will work off your\nlatest year\u2019s net profit, if your business has been growing, and for those\nrunning Limited Companies, some of the market will factor in retained profit in\nyour business in determining your income.<\/p>\n\n\n\n

Whilst for those in the classic \u2018professional\u2019 occupations, such as\ndoctors, lawyers and accountants, some lenders will go well beyond the\ntraditional income multiple cap, and various Guarantor options still exist for\nthose who need some family assistance to get started.<\/p>\n\n\n\n

What about the deposit?<\/h4>\n\n\n\n

You will typically need a deposit at minimum 5% of the purchase price,\nwith the best interest rates available with a 20% deposit. There are some\ngovernment backed schemes to help with this. Opening a Lifetime ISA can be\nuseful in boosting your savings with a government bonus when it comes to\npurchasing the property. Shared Ownership can be another way of living in a\nhigher value property where you don\u2019t have the minimum deposit for that price\nrange, and a Help to Buy Equity Loan can help you both meet lender\naffordability and lower your mortgage rates. There are even some options where\nfamily can assist and the lender will potentially lend with no cash deposit.\nDifferent options will be useful for different people, always seek professional\nadvice and guidance before making a final decision.<\/p>\n\n\n\n

Making yourself \u2018mortgageable\u2019<\/h4>\n\n\n\n

Mortgage Lenders will carry out a credit check on you before agreeing to\nlend. Certain small steps can significantly improve your chances of success.\nEnsure you are registered on the Electoral Roll at your current address. Take\ntime to check your Credit File online (Experian and Equifax are the main credit\nreference agencies). Beware of missing or making a late payment on any\ncommitment as it may show on your file. Ensure to end any connections with past\nrelationships \u2013 this can be done by calling the Credit Agency and notifying\nthem. Also try and reduce the outstanding credit you may have as this could\nreduce the amount you are able to borrow<\/p>\n\n\n\n

When you think you may be ready to take the step towards buying see an\nIndependent Mortgage Adviser and discuss obtaining a decision in principle.\nThis is where a lender will carry out a credit check and credit score on you\nand say whether in principle they will give you a mortgage and how much they\nmay lend. This puts you in the best possible position if you see the property\nof your dreams and decide to make an offer. If for any reason the decision in\nprinciple is declined then it gives you the opportunity to see what the issue\nmay be and iron out the problems. A decline at this stage isn\u2019t a \u201cno\u201d for ever\nits just a no at this stage and with this information available. <\/p>\n\n\n\n

Know your market<\/h4>\n\n\n\n

As I write this blog you would say it\u2019s a buyers market. With the\nuncertainty surrounding the election, Brexit and the time of year the level of\nactivity is quite low, and yet, interest rates are at a historic low and its\ntrue to say that lenders do want to lend and have lots of money available.\nThere are ample resources available for assessing current house prices with\nsites like Right Move and Zoopla and these sites also contain large amounts of\ninformation about historic house prices. The key is to do your research on the\ntype of property you want to buy and the prices that that type of property\nwould typically go for.<\/p>\n\n\n\n

There are some fantastic mortgage products currently available. Use the guidance of a reputable Independent Mortgage Adviser, get prepared and your dream first home awaits you.<\/p>\n\n\n\n

Contact one of our Mortgage Advisers using our Contact Us<\/a> page, our Facebook<\/a> page, or call our office on 01329 282882 where we\u2019ll be happy to help you. <\/p>\n\n\n\n

Your home maybe repossessed if you do not keep up repayment on your mortgage.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Buying your first home is a massive step, and with the average age, purchase price and loan size all steadily rising for First Time Buyers over the last 10 years, here are some of  the key things to focus on before taking that first step onto the property ladder.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[40],"tags":[56,68,41,55,78],"acf":[],"yoast_head":"\nFirst Time Buyers \u2013 Getting on to the Property Ladder - Temple Wealth<\/title>\n<meta name=\"description\" content=\"Buying your first home is a massive step. 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