First Time Buyer Mortgage Advice

For first time buyers the financial commitment of a house purchase is both frightening and exciting at the same time. And this is even more so if you are working in an urban area where you will end up paying a premium for even the smallest properties.

So as a first time buyer what are the things you should watch out for to make the whole house buying experience that much easier.

Do your homework

With so many lenders offering mortgages there are literally thousands of mortgage deals on offer across the UK. So it’s important that you research the market thoroughly and don’t get drawn in by all the hype and marketing you see on the TV, Online, on the side of buses etc. You should also speak with friends and relatives who have also been through the process recently to get their valuable opinion on what you should and even more importantly shouldn’t do.

Mortgage Advisor

After having done your own homework you still feel that you are no closer to deciding on which company to use for the mortgage then you should consider the help of a mortgage advisor. Although they will cost you money for the advice they also have access to 100’s more mortgage deals from across the UK. Obviously you need to find one, which is not associated with any of the lenders so they can offer you truly independent advice. They will also be able to advise you on First Time Buyer Deals which may not even be advertised by some of the main lenders in their normal marketing drives.

Decision making

Once you have all the information in front of you make sure that you ask loads of questions before making the final decision. So whether you are speaking directly with the bank or using an independent advisor make sure and be thorough with your questioning.

You should also look at the fine print. For example are there any penalties for paying off or moving your mortgage early. For Mortgage advisor Sheffield example on some mortgages there may be a ‘redemption penalty’, which is enforced if you move lender within 2-5 years of taking out the mortgage. This penalty can run into £1,000’s so see whether this applies or not.

Mortgage amount

Although you may have your heart set on a lovely home you should also temper your desire with whether you can really afford it. Make sure and set a ‘realistic’ cap on how much you are willing to pay for your first house. Try and get as much of a deposit as possible rather than taking out a massive mortgage. You will benefit from this in the long run. So basically, don’t bite off more than you can chew!


Buying a house for the first time can be a very stressful time but you should try and make it as stress free as possible by following the simple rules outlined in this article. There is so much free advice available for first time buyers plus the knowledge of all the experts should help you make the experience a little less stressful, and maybe even enjoyable!

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