Buying your first home is an exciting milestone, but it can also feel like stepping into uncharted waters. With so many decisions to make, it’s easy to feel overwhelmed. At Novus Financial Solutions, we understand that your first steps on the property ladder come with plenty of questions and challenges. That’s why we’re here to offer tips to make the home-buying process as smooth and enjoyable as possible.
One of the smartest moves you can make as a first-time buyer is to speak with a qualified mortgage adviser who has access to the whole of market. Not only do they provide invaluable guidance, but they can also help you secure the mortgage that’s best suited to your needs. Here’s a closer look at why this matters and how to get started.
Practical Tips for First-Time Buyers – Before you start scheduling viewings and dreaming about home décor, it’s essential to prepare yourself financially and understand what’s involved in buying your first home. Here’s where to begin.
Start Saving for a Deposit Early – You’ll generally need a deposit of at least 5% of the property’s value to secure a mortgage. However, a larger deposit—such as 10% or 15%—can improve your loan options and interest rates. Start saving as early as possible and explore savings schemes like the Lifetime ISA, which offers a government bonus to boost your deposit fund.
Build and Maintain a Strong Credit Score – Your credit score plays a crucial role in determining your mortgage eligibility. Lenders use it to assess how reliable you are at repaying borrowed money. To improve your score, make sure to pay bills on time, avoid excessive borrowing, and check your credit report for any errors that could harm your application.
Get Pre-Approved for a Mortgage – A mortgage pre-approval gives you a clear idea of how much you can afford. It shows sellers you’re serious and provides reassurance that your finances are in order. This step also helps you stay realistic in your property search, saving valuable time.
Factor in Additional Costs – It’s not just the deposit you’ll need to budget for. First-time buyers should also consider other costs such as Stamp Duty (if applicable), conveyancing fees, property surveys, and moving expenses. Knowing these costs upfront can prevent unpleasant surprises later.
Research and Explore Your Options – One of the biggest mistakes first-time buyers make is limiting their mortgage search to what their bank offers. The market is full of different lenders, each with their own terms and deals, and exploring these options could save you thousands in the long run.
Why You Should Speak to a Mortgage Adviser – Navigating the mortgage maze on your own can be challenging. That’s where a whole-of-market mortgage adviser comes in. But what does “whole of market” mean, and why is it so important? Here’s what you need to know.
Access to a Wide Range of Mortgage Products – Unlike advisers tied to specific banks or lenders, a whole-of-market mortgage adviser has the freedom to search across all available options. This means they can match you with the most competitive rates and terms, rather than just the ones offered by a limited selection of lenders.
Tailored, Expert Advice – No two buyers are the same, and a whole-of-market adviser will take the time to understand your unique financial situation, long-term goals, and property preferences. They’ll provide recommendations tailored specifically to your needs, helping you make informed decisions every step of the way.
Support Throughout the Journey – The mortgage application process can feel overwhelming, from gathering documents to understanding lender requirements. A qualified mortgage adviser guides you through each stage, ensuring everything is completed smoothly and on time.
Better Chances of Approval – An adviser’s deep understanding of lender criteria can significantly boost your chances of getting approved for a mortgage. They can help you prepare a strong application and avoid pitfalls that might lead to rejection.
Save Time and Money – With so many lenders and products to choose from, searching for the right mortgage can be time-consuming. Advisers do the hard work for you, comparing deals and negotiating on your behalf to save you time—and potentially, money.
Partner with Novus Financial Solutions
Buying your first home is a huge step, and it’s one that deserves thoughtful planning and expert guidance. At Novus Financial Solutions, we specialise in helping first-time buyers secure the right mortgage. With access to the whole of market, through our network Quilter Financial Planning Limited, we’ll work to identify the most suitable deals for you while providing support every step of the way.
Buying your first home is a huge step, and it’s one that deserves thoughtful planning and expert guidance. At Novus Financial Solutions, we specialise in helping first-time buyers secure the right mortgage. With access to the whole of market, through our network Quilter Financial Planning Limited, we’ll work to identify the most suitable deals for you while providing support every step of the way.
Your new home is out there, and with the right preparation and advice, you’ll be unlocking the front door in no time.
You will incur a lifetime ISA government withdrawal charge (currently 25%) if you transfer the funds to a different ISA or withdraw the funds before age 60 and you may therefore get back less than you paid into a lifetime ISA.
By saving in a lifetime ISA instead of enrolling in, or contributing to an auto-enrolment pension scheme, occupational pension scheme, or personal pension scheme:
- you may lose the benefit of contributions from your employer (if any) to that scheme; and
- your current and future entitlement to means tested benefits (if any) may be affected.
