Buying a home will be the biggest purchase a person is ever likely to make, so whilst it's normal for it to feel a bit daunting, you should be excited too!
We asked some of Newbury's own first-time buyers, Matt, Mollie, and Michael, to give us some insight into what it's like to buy your first home. From viewings to questions you should ask, they gave us the inside track.
Q: What was something you were worried about before you started your house purchase process?
Matt: "The jump into monthly financial commitment, compared to living with parents."
Michael: "I think the biggest thing for me was knowing what the process was, wondering who we talk to first and what needed to happen next. I didn't believe it would all come together until the day we collected the keys."
Mollie: "Making sure I decided on the right house and looking at such a large financial commitment."
Q: What made you purchase your home when you did?
Michael: "It sounds cliche but things just fell into place. We had been looking for a while and hoping to move to somewhere like Hungerford but then we found out about a new-build estate and jumped on the opportunity. We had looked at other properties and lost out on bidding wars, so it was the case of right place, right time."
Mollie: "There's the saying 'when you know, you know' and when I stepped foot into the house on my first viewing, I just knew! We had also missed out on a few properties beforehand that I really liked so I wanted to act fast."
Q: What's your top tip for someone looking to buy their first home?
Matt: "No question is a stupid question. It's a complex process and the experts are there to help you through it."
Michael: "Be prepared to have to compromise on a few things. It's unlikely that your first home will be your forever home but have a list of things you would like to have and what you need to have."
Mollie: "View as many houses as you can in your price range, as photos sometimes don't do the house justice and it may be better in person. Also, be sure to over-budget when you are working out costs, as different costs come up unexpectedly throughout the process."
Q: How did you find the process of buying your first home?
Matt: "Stressful at times, but rewarding. There are many time pressures when buying a house so it's important to be proactive."
Michael: "Relatively stress-free. We had a few hiccups along the way and things that needed ironing out, but we had a great mortgage broker and solicitor which helped greatly."
Mollie: "It felt like it took forever, but all in all the process was really smooth! Our solicitors were extremely helpful, and we felt like we could ask as many questions as we wanted."
Q: What do you think are the top questions you should ask when viewing a house?
Matt: "Ask about the neighbourhood and if the roads are adopted by local council. Also, check the water pressure and the internet speed to the property."
Michael: "If it's a new area for you, ask people what it's like and try to visit at different times of the day to get a feel for the nerighbourhood and if it's the right home for you."
Mollie: "I think it's really important to know why the house is on the market, and ask local resisdents what the area is like to live in."
According to a recent statement from the Building Societies Association (BSA), societies account for 25% of all new mortgage lending in the UK, directing a greater proportion of lending to first-time buyers than banks. In fact, in the first nine months of 2023, 55% of all lending at building societies was to first time buyers.
If you'd like to talk to us about your options as a first time buyer, contact us today. We offer face-to-face, telephone and video mortgage appointments to suit you.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.