First Time Buyers Home Purchase Guide

publication date: Aug 30, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

First Time Buyers Home Purchase Guide

Here is your FREE essential purchase guide for first time buyers from Kate Faulkner, MD of Designs on Property author of Which? Buy, Sell Move House. Kate says "It is vital to secure independent, professional advice from people that keep up to date with all the latest news and views on the property market to give you a real guide to buying your first home". Kate continues "many first time home buyers rely on parents or friends to guide and advise them on buying a first home, but their advice is only based on their experience of buying a home probably some years ago or recently, but their circumstances are completely different to yours." This is why Kate has produced a quick FREE five step guide to buying a first home.

First Step to Buying your First Home: Sort your finances
Before you do anything at all, the first thing to do to prepare yourself when buying your first home is to work out your finances. How much have you got for a deposit? How much do you earn net of tax each month and how much do you spend? Then you should have a final figure for how much you can spare each month for a mortgage.

Second Step to Buying a First Home: Sort your mortgage
Once you understand your income, expenditure and savings, then take this information to your bank, a mortgage broker and an independent financial advisor who is also qualified to give mortgage advice. Each of these different types of companies may be able to offer you different types of mortgages and the independent financial advisor should be able to advise you on all of your finances (including insurance, pension etc) which will help you understand the full implications of taking on a mortgage.

Third Step to Buying a First Home: Understand the Buying Process
It is important not to ‘jump' into buying your first home without understanding how the buying process works. If you don't, you'll find buying your first home extremely stressful and you may make mistakes you wished you hadn't! To help, read our FREE articles on searching for a home, making an offer, organising your legals and your removals.

Fourth Step to Buying a First Home: Ensure you have an independent Survey
Most first time buyers try to save money by not having a survey. You will have to pay the lender for a mortgage valuation, but this has so far been proved in court that it doesn't protect the buyer, just the lender. As a result, even if you are buying a new home, you need to have an independent snagging survey carried out. For more help on surveys read our article Top Five things you need to know when choosing an Independent Surveyor and if you need to find an independent surveyor contact us.

Fifth Step to Buying a First Home: Get your Deposit Ready!
If you are buying a home for the first time, there is a lot which will happen within days and sometimes within hours. One of the biggest mistakes First Time Buyers make is not having their deposit ready and banked with the legal company so exchange can take place. Talk to your legal company and ask them when they need the money by as soon as your offer has been accepted.

Buying your first home takes over 75 steps to do successfully. We've spent years working with all the experts in the UK, whether they are mortgage, legal, survey or removal experts, we know the best ones and work closely with them.


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Get a helping hand with our new First Time Buyer Service for just £19.99!

Property expert, Kate Faulkner, has joined forces with B&Q and other industry experts to offer a unique service, where you purchase a ‘property project pack’ that gives you:-

  • An A4 ‘how to’ guide (approx 80 pages), containing Dos and Don’ts, Factsheets, Checklists, Handy Tips and Forms
  • Access to Kate and her team, by phone and email, for any queries you might have during your project.

See the full list of Kate Faulkner's unique Property Services here!

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