BELFAST CITY CENTRE: 028 9013 7392 | EAST BELFAST OFFICE: 028 9560 9410 | ORMEAU ROAD, BELFAST: 028 9521 9349 | LISBURN RD BELFAST: 028 9521 9351 | DROMORE: 028 9210 6060 | LISBURN: 028 9279 4300 | GLENGORMLEY: 028 9072 7636 | ARMAGH: 028 3743 0770 | LURGAN: 028 3898 4004 | DUNGANNON: 028 8747 0270 | COALISLAND: 075 6180 7334 | COOKSTOWN: 028 8673 1055 

Contact Your Local Branch

BELFAST, CITY CENTRE: 028 9013 7392
BELFAST, EAST OFFICE: 028 9560 9410
BELFAST, ORMEAU ROAD: 028 9521 9349
BELFAST, LISBURN ROAD: 028 9521 9351
DROMORE: 028 9210 6060
LISBURN: 028 9279 4300
GLENGORMLEY: 028 9072 7636
ARMAGH: 028 3743 0770
LURGAN: 028 3898 4004
DUNGANNON: 028 8747 0270
COALISLAND: 075 6180 7334
COOKSTOWN: 028 8673 1055

What You Need to Know When You’re a First-Time Buyer

by | Apr 4, 2024 | Uncategorized | 0 comments

It can seem like an amazing quest to navigate the route to becoming a first-time homeowner. The process, brimming with excitement and anticipation, can also seem daunting, especially if you’re venturing into the property market without previous experience. But fear not—armed with the right mortgage advice in Lurgan, you’ll discover that achieving your dream home is entirely within reach. Let’s unpack the essential steps you need to take, ensuring you’re well-prepared to make one of the most significant investments of your life.

Saving for a Deposit

The cornerstone of your home-buying journey begins with accumulating your deposit—a critical step that shapes your mortgage options and potential interest rates. A robust deposit not only enhances your attractiveness to lenders but also secures you more favourable mortgage terms, reducing your monthly repayments. While a minimum of a 10% deposit is typically expected, aiming for 25% or more can unlock even better deals, significantly impacting your financial flexibility. 

Begin saving early, and consider leveraging schemes like the Lifetime ISA to boost your savings with government contributions. Remember, securing adept mortgage advice in Lurgan early on can guide you through your savings journey with tailored strategies to maximise your deposit.

Navigating a Path Without a Deposit

If a substantial deposit is out of reach, there’s still hope. The market is rich with government-backed schemes designed to support first-time buyers like you. From Shared Ownership to the First Homes scheme, and the innovative Deposit Unlock for new-build homes, these initiatives are tailored to help you step onto the property ladder with a smaller deposit. Exploring these options with a provider of mortgage advice in Lurgan can illuminate paths you might not have considered, opening doors to homeownership that seemed previously closed.

Securing a Mortgage

The reality for most first-time buyers is that purchasing a home outright in cash remains a dream. This is where securing a mortgage becomes your gateway to homeownership. With a plethora of mortgage types available, from repayment to interest-only options, understanding which mortgage suits your financial situation is crucial. This decision will dictate your repayment plan for years to come, making it essential to seek mortgage advice in Lurgan to navigate these waters with clarity and confidence.

Accounting for Extra Buying Costs

Embarking on the home-buying journey unveils a myriad of costs beyond the deposit and mortgage repayments. From solicitor’s fees to stamp duty, it’s vital to budget for these additional expenses to avoid any surprises. First-time buyers, however, receive a helping hand with a stamp duty exemption on properties up to a certain value, making it a little easier to step onto the property ladder. When it comes to understanding and managing these costs, detailed mortgage advice in Lurgan can prove indispensable, ensuring you’re fully aware of and prepared for the financial commitments involved.

Finding Your First Home

With your finances in order, the exciting quest for the perfect home begins. Utilising online platforms like The Mortgage Clinic in Lurgan can streamline your search, offering filters to narrow down properties by must-have features or desired locations. Advanced search tools, travel time calculators, and alert systems enhance your ability to find a home that fits your lifestyle and budget. However, navigating the property market isn’t just about online searches; seeking personalised mortgage advice in Lurgan can provide insights into local market trends, potentially unveiling opportunities you hadn’t considered.

Making an Offer

Once you’ve found a property that captures your heart, it’s time to make an offer. This critical step requires a delicate balance between eagerness and strategic negotiation. Presenting yourself as a first-time buyer, free from the chains of selling a previous property, can position you as an attractive prospect to sellers. Ensuring you have an Agreement in Principle for your mortgage further solidifies your position. For guidance on crafting a compelling offer and understanding the nuances of negotiation, tapping into expert mortgage advice in Lurgan can be your ace in the hole.

From Acceptance to Completion

Congratulations are in order once your offer is accepted, but a few crucial steps remain before you can call the property your own. The conveyancing process, managed by your solicitor, involves a series of legal and administrative tasks, from arranging Stamp Duty to liaising with the Land Registry. 

Although it’s largely out of your hands, staying informed and engaged is key. Securing your mortgage, exchanging contracts, and preparing for completion day are monumental steps that mark your transition from buyer to homeowner. Throughout this final stretch, reliable mortgage advice in Lurgan remains a beacon, guiding you towards the moment you step through your new front door, ready to capture the memory of a lifetime.

The Power of Expert Mortgage Advice in Lurgan

Embarking on the journey to homeownership, especially as a first-time buyer, is a thrilling adventure marked by dreams, decisions, and milestones. From the initial steps of saving for a deposit to the exhilarating moment of making an offer on your dream home, each phase brings its own set of challenges and rewards. While the path may seem daunting at times, the guidance of expert mortgage advice in Lurgan can illuminate the way, making the process not only more manageable but also more rewarding.

Remember, securing your first home is more than just a financial transaction; it’s a step towards building your future, creating a space that’s uniquely yours, and laying down roots. With the right preparation, knowledge, and the support of a seasoned mortgage advisor in Lurgan, your journey to homeownership can be as fulfilling as the destination itself. Whether it’s navigating the complexities of mortgage options, understanding the intricacies of buying costs, or simply finding the right home for you, expert advice is your key to unlocking the door to your new home with confidence and peace of mind.

As you stand on the threshold of this new chapter, know that the dream of homeownership is within your reach. With dedication, preparation, and the invaluable insights provided by mortgage advice in Lurgan, the keys to your first home are closer than you think. Let’s embark on this journey together, turning your dreams of owning the perfect home into a reality.

Helmut Elstner

Managing Director – Independent Mortgage Broker and Insurance Advisor

Helmut started working in financial services in early 2012 and founded The Mortgage Clinic in Belfast in early 2015. He specialises in all types of mortgages from First Time Buyer, Co-ownership, Self Build, Home Movers, Remortgages, Debt consolidation, to Buy to Let.

Three Best Rated Winner 2021
Winner Mortgage Broker of the year 2020
Top Rated Advisor 2021 on Vouchedfor