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The start of the New Year is all about setting goals and getting excited about achieving them. Here at Mortgage Squared we are all about writing down your goals and smashing through them. We did some digging and owning your first home is one of the top life goals on peoples list.

Did you know that the average age is 30 for people buying their first home!

With the above in mind we thought we would give you a general list of things to think about before taking the leap to becoming a home owner for the first time. After all, there is so much to think about I think some people get put off before they even begin.

Are you ready to buy your first home?

You would be surprised on how many people love the idea of owning their home but they aren’t actually ready to do so. Some people don’t realise that the outlay can add up quickly. If you are not financially prepared then you could end up in trouble.

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Really understanding your circumstances can reduce the stress of taking the leap. Finding a trusted mortgage advisor can be an advantage as they will match your circumstances to the best mortgage lender. Knowing what you will need to provide the lender will also drastically help your mortgage journey.

This will probably be the most expensive purchase that you will make so being sure emotionally and practically that it is possible would be a good shout.

Ready to take the leap?

Next you need to look at what you can afford. You will need to get a mortgage to own your own home. You will need to know you can afford the outlay before you begin. Think about how you will afford the following:

The bank of Mum and Dad might not be an option for you so looking at savings and government schemes would be a good place to start. Click HERE for more information.

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Go at it alone or find a trusted mortgage broker?

We are obviously going to share the benefits of finding a trusted broker because we are a brokerage ourselves. Finding the right mortgage that fits with your personal circumstances can be a mammoth task. Trasping around all the lenders and filling out mortgage application only to find that you can’t have that mortgage, can be soul destroying.

Having a trusted mortgage broker on your side can make the whole process so much easier. Think of them as the middle man doing all the foot work for you.

Finding the right home

Knowing what kind of home you want and can afford, before you start the search would be a good idea. Take into concideration where you need to be, are you going thinking about growing your family, will you need a garden, do you need to be near schools or work?

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Brainstorming on what you actually need within a home is beneficial.

Then comes the searching and viewing. Take a day out to walk around the local estate agents and look at what is out there. Get an idea on prices and size for the mortgage you can have.

There are so many components to buying your first home, the above is just an outline of what you should think about before starting the process. Being prepared is key.

Here is to your 2020 goals whatever they maybe.

And if you need some advice on buying your first home please do not hesitate to get in touch with one of our advisors.

Please see our mini guide for a more in depth look at mortgages


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