Buying a home and your first home at that is an extremely exciting yet daunting experience. Purchasing a home is a huge financial investment that requires preparation and planning. In this blog, we are going to highlight 3 common errors most first-time buyers make when they hit the property market.
- Forgetting to explore the market
The property market is h-u-g-e, and a lot bigger than most buyers think. Don’t just settle for the first couple of houses you’ve found.
Often first time buyers view a couple of houses and think they’ve found the one, they then either rush into the process or find out that it’s just over their budget. But remember, there are a host of properties out there that are guaranteed to fit your budget and also be your dream home.
Many buyers are also disappointed when they find out that their offer has been declined, that’s why we recommend having backup houses, most buyers will put in offers on multiple houses before one gets accepted.
- Financially unaware
Before purchasing a home, you need to save for a deposit (obvious, we know!). But, that’s not all that needs to be considered. Purchasing a home is a long-term investment that needs thorough examination of your finances, this includes your monthly income and expenditure because remember you have additional costs to cover. Many first-time buyers believe they have the flexibility to stretch their deposit without considering long-term costs. You don’t want to find yourself struggling each month to make ends meet with monthly repayments on a property that you cannot afford. So, just like we stated in point one, we recommend that you explore the market, you’re bound to find the right deal at the right price that suits your financial needs.
- Doing it yourself
Many first-time buyers believe it’s cheaper to sort out their mortgage themselves. Because it’s cheaper, right? Not entirely. Because we have years of expertise and experience in the market, we are able to advise what mortgage rate is suitable for you. We will also scour the market far and wide to ensure you are given the best deal on your mortgage. We can even help you with how to make better decisions in the long run.
If you are a first-time buyer, get in touch with First Financial Solutions today. We offer impartial advice and support on securing your first mortgage. Call us today on 01639 262222 or click here to email us.
* Your property may be repossessed if you do not keep up repayments on your mortgage.
There’s been much hustle and bustle in the financial world recently – you may have heard about The Bank of England raising the base rate from 0.5% to 0.75% earlier this month – only the second rise the UK has seen in over a decade.
Have you ever asked yourself, what does a mortgage broker do that I can’t? You know what you’re looking for, right? So, why should you pay for their services when you’ve got other costs to think about including moving costs, a mortgage and so on? Well here’s why…
We wish we could predict the future, but we can’t. No one knows what’s looming around the corner. One day, you may be in work and the next your company may fall into administration. Unexpected situations like this may leave you struggling to keep up with your mortgage repayments and make ends meet. But one way to stay on the straight and narrow is by taking out Income Protection insurance. (more…)
We’re invincible when we’re young … or at least we feel as though we are. End-of-life isn’t something that the younger population tend to think about; they leave that to the oldies!
Our demise isn’t a warm fuzzy topic to talk about and when we’re young, we think we have decades before we’ll have to worry about death and what we leave behind. But whilst we know it’s going to happen, we don’t know when it is going to happen, and the reality is it could be tomorrow, in five years or fifty years. And so no matter how young we are, life insurance should always be considered.
Life insurance will provide protection for family and dependents in every instance, but there are additional benefits with policies that are taken out earlier in life. (more…)
You could be forgiven for believing that as house prices rise, mortgage rates would rise in correlation. But as house prices reach a record high in the UK, mortgages rates remain the most affordable in a decade. This lack of symmetry has many contributing factors, including the housing market itself, low unemployment rates and mortgage approval rates.
As of March 2018, average house prices rose by 2.7% over the previous 3 months to reach a record high of £227,871. This increase in house prices is a consequence of the UK’s limited housing market – housing developments are not meeting housing demands and so the lack of competition in the housing market leaves homeowners with very few alternatives. (more…)
Business debt has been dominating UK business news for weeks. With retailer New Look announcing the closure of 60 stores throughout the UK, and electrical franchise Maplin’s closure of over 200, these serve a reminder to businesses to do all they can to protect their interests. One way to do this is Business Loan Protection which is a little like first-aid for businesses. But what is it?
The concept of paying more to than you need on your mortgage to reduce your balance more quickly sounds like a no-brainer. Get it right and with overpaying you could be quids in. Get it wrong and you could be facing some nasty penalties.
This guide can help you decide if overpaying on your mortgage is the right move for you:
Yes, it should.
Every New Year we all jot down a list of resolutions that we intend on sticking to for the upcoming year ahead. These are usually resolutions that might help us to be more active, lose weight or help our finances, but shouldn’t we do something a bit more practical and something that could really benefit the future should the worst happen? Say, taking out Life insurance?
That’s why First Financial Solutions recommend life insurance be your 2018 resolution!
With Christmas quickly approaching we would like to take this opportunity to wish all our clients a Merry Christmas and a Happy New Year.