Our Top Ten Mortgage Tips for First Time Buyers

At Humdinger Mortgages, we provide expert advice in order to get you ‘mortgage ready’. Having worked with first time buyers for over a decade, we’ve identified a number of 

  1. Save as early as possible! We recommend you start saving as soon as the idea to buy a house enters your head, this doesn’t mean you need to start by adding huge lump sums. Start small, start by adding money regularly to a savings account and get in the rhythm of saving.
  2. Decide where you would ideally like to live. Write down your first preference area, then do your reach and see if you will be able to afford to buy in this location. If you cannot find the perfect property in your desired location, pick a secondary location and restart the process
  3. A mortgage is a long term commitment so before making any decision you should think about your buying route. Not everyone goes through the mortgage process. It is important to understand the other options. These include renting or living with parents. Both have pros and cons. The advantage of staying at home for longer is it gives you more time to save, however this can come with a loss of independence and also you must remember how volatile the markets/prices are.
  4. Get the help of a mortgage advisor, At Humdinger Mortgages we will provide you with a dedicated mortgage advice team who will be with you every step of the way. They will calculate exactly how much you can borrow, how much everything will cost, and walk you through the entire purchasing process from start to finish.
  5. When deciding on your mortgage level remember life still happens. You need to allow yourself for plenty of living expenses, and for new additions along the way.
  6. If you have debt, it’s in your best interests to clear it before you apply for a mortgage. In reality, this might not always be possible, but reducing your debt as far as possible is a must. Especially credit card debt. Prioritise getting this type of debt off of your plate as quickly as possible. 
  7. The more you can save up to put down as a deposit, the bigger the choice of mortgages that will be available to you, stretch your budget a little to get your dream home but remember only do so if you can afford repayments even if rates go up!
  8. Don’t forget about Mortgage protection insurance. We never know what life can throw at us, so it’s important to have cover incase of serious illness.
  9. Stick with it. Once you’ve started your mortgage application, don’t mess around with it and start changing figures as it could hold up your property purchase.
  10. Be careful of attractive introductory rates and always consider the rates that apply after the expiry of the discount or fixed period when considering your product preference.

Try our simple application process to get clear on the mortgage that’s right for you. The moment you begin preparing for your mortgage, you’re one step closer to the day you move into your new home!

Want to learn more? Book a call with a member of our team