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First class service from an experienced team
Fully qualified by the Financial Conduct Authority
A well established team you can trust
THE EXPERT ADVICE YOU NEED
Buying your first home is a huge moment in anyone’s life. It’s one of the largest and most important purchases you’ll ever make, and it can seem like a truly daunting prospect. Without any previous experience of the mortgage market, the array of products on offer, and the huge number of companies providing them, can be overwhelming. That’s where Reading-based Options Mortgage Services comes in.
Our job is to take as much of the potential stress out of the situation as we possibly can. We do that by offering you expert advice based on your situation and our extensive and in-depth knowledge of the mortgage market. We’ll provide you with the information you need to make an informed decision, and we’ll give out advice in plain, clear terms, avoiding confusing jargon.
To get advice that is specific to your situation, and to explore the mortgage products available to you, you’ll need a consultation with a member of the team. However, in order to get you started on the right foot, we have put together some general advice for first time buyers on this page.
ADVICE WHEN BUYING YOUR FIRST HOME
When buying for the first time, it’s very easy to overlook important details. When viewing a property it’s always sensible to take an experienced home buyer, such as a parent or family member, if this is possible. If this is difficult to arrange, then make sure you at least get some assistance once you have selected a property you like and are arranging a second viewing.
With many people now working from home, internet speeds have become an important consideration for many people. If you rely on your internet connection, check to see that broadband or other high speed internet is available in the street you are moving into. The selling agent should be able to tell you this.
Even if you do not have or want children, remember that property in the catchment area of good local schools will always be much easier to sell on. However, this may also be reflected in a higher purchase price.
WHAT CAN YOU AFFORD?
Ensure that you are realistic when working out exactly how much you can afford to spend on your new house. You should ensure the intended mortgage is affordable by doing a budget calculation… but that isn’t the whole story! Any home will require furnishing, and older properties may require extensive work, such as re-flooring, tiling, or renewing the wiring. Make sure that you factor in all these likely expenses, in addition to the purchase price. You’ll also need to consider other fees such as conveyancing and stamp duty.
Make sure you know what the likely council tax charge will be in your new property. The selling agent should be able to tell you what tax band the house you are interested in buying is in, and how the charges are levied by your local authority.
If you have been used to living at home with your parents, remember to budget for expenses such as gas and electricity bills, water rates, internet and other utilities, home insurance, and property repairs. It all adds up, and it’s important to budget for it when calculating what you can afford.
If you have a car, your insurance premium may increase dramatically if you move from a town with a relatively low crime into a city centre with higher crime rates. Equally, if you move from your parents’ house with a locked garage to a smaller terraced house with on-street parking you may well notice a significant change to your premiums.
LOCAL AMENITIES
Write down a list of local amenities which are important to you. This may include shops, restaurants, pubs, sports centres, parks, and cinemas. If you enjoy activities such as walking or cycling, the neighbourhood you plan to move into may be very different to the one you are used to and may not have the same access to parks and other recreational facilities. Before making any final decision about where to move to, take a stroll or bike ride around the local area, and note down where the key facilities are.
Always consider how your transport arrangements will change in your new house. Consider the availability of public transport services, making sure you investigate local bus routes, train services, and so on. Even if you drive everywhere, this information will be useful for anyone coming to visit you who does not drive.
Try to find somewhere to live that is close to your main place of work. Commuting can be a significant expense, and as you are likely to be spending much more time on domestic chores and/or DIY, living somewhere which minimises your commuting distance will help! If property is more expensive nearer to your place of work, make sure you weigh up this additional expense, when compared to the costs and time of commuting. You may wish to ask colleagues in your workplace to see if there are possibilities to lift share with anyone from the area.
A COMPLETE MORTGAGE ADVICE SERVICE
We want to provide you with the right advice for your mortgage, and to do that we’ll need to discuss your circumstances and requirements. If you’d like to arrange a consultation with a member of the team, please get in touch.
We’ll also discuss related topics such as life insurance and home insurance products. These are usually required by a mortgage company in order to protect their investment – they’re also essential for your protection! Our team will be able to go through what you need when you meet them.
GET IN TOUCH
If the time has come to start looking at mortgages for your first home, contact Options Mortgage Services in Reading, Berkshire. We offer expert advice for first time buyers.
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0118 954 1000
info@optionsmortgages.co.uk