When you have never purchased a property before it can seem a daunting process becoming a homeowner. Being faced with mortgage jargon, and expected to understand things you have never experienced before can leave even the most laid back person frustrated. From putting offers in not knowing the figure to start with, but not wanting to pay too much or come across as not being serious, it can seem like the most confusing time however armed with the appropriate knowledge and realistic expectations the process doesn’t have to be a nightmare.
A lot of new home owners are surprised by the amount of time it can take from initial appointment with a mortgage adviser to actually getting the keys to your new home. Many mortgage lenders have now become more efficient in their part, however regardless of how good your mortgage adviser and lender are the legal part of the process can take a further couple of months in most cases. Different vendor circumstances can delay completion, such as chains collapsing etc and can prolong the process. It is important to realise at the beginning even finding your first house can take a long time, especially if you have a good idea of what you want, or you are looking when the housing market is quiet. But patience is key from the start.
A big issue for first time buyers is not understanding the jargon they are faced with in particular when taking out their first mortgage. So my next tip is to ask. Ask as many questions as you like all the way through, even if they seem like “stupid” questions, the only stupid thing is not taking such an important thing seriously and making sure you understand everything. Remember those who work in the industry look at mortgage quotes every day so may overlook wording that you may have never seen before. But just ask.
As with all financial matters it is always best to seek the advice of an independent financial adviser when you make that first step onto the property ladder.
Sammy McCann BSc(Hons), Cert CII (MP)
17th February 2020