Purchasing your first home is an exciting time for many and with plenty of options out there to help you apply for your mortgage, leading developer Barratt Homes has revealed a few handy tips to put Essex buyers on the right track.
Househunters looking to buy for the first time may find it difficult to know where to start when it comes to understanding the homebuying process, but with the leading developer’s tips for first time buyers, they’ll be mortgage-fit in no time.
Barratt Homes is offering tips for first timers to get in the best financial shape ahead of it releasing its apartments at Gilden Park.
Glenn Copper, Sales Director at Barratt Homes North Thames, said: “Finding the home that is right for you when you are new to the property ladder can make it difficult to narrow down what is the most suitable.
“At Barratt Homes, our Sales Advisers will put buyers at ease and be with them through every step of the process and with our helpful tips, getting a mortgage is made much clearer.”
The tips include:
The bigger the deposit the smaller the mortgage, due to the smaller rate of interest resulting in lower monthly payments. In order to make the most of your earnings, the five star homebuilder suggests making a difference to your savings by analysing your income and outgoings.
Start by working out what you need and don’t need. If you can find a cheaper phone bill or skip the coffee on the way to work every day, you’ll notice a big difference in the long run.
When purchasing a Barratt property, future home owners can save money with the many offers available.
The leading developer has the opportunity for buyers to take advantage of a Stamp Duty contribution and even upgraded kitchens and flooring when reserving selected homes, saving them money and making that first move easier to make.
Keep an open mind
It’s easy for buyers to get attached to the first house they view, but it’s important not to get too carried away. You may have an idea of what your dream property would include and whilst this is important, the list should be flexible.
Looking at a range of homes is a good idea to ensure you’re making the right choice, with the possibility of you finding something even more suitable for you that may be cheaper, even though it wasn’t initially something you considered.
At a Barratt Homes development, there’s a range of properties to choose from. From apartments to three storeys, buyers are sure to find the right fit for them in no time.
Don’t put off the paperwork
The leading developer also suggests making the moving process simpler by keeping on top of all of the paperwork. One simple thing that homebuyers may neglect to do is to register to vote at their current address.
As lenders will check if you are on the electoral roll as a precaution against fraud, it’s vital to ensure you’re registered as it will make the process of purchasing a mortgage run much smoother.
Help to Buy
One scheme that can help buyers get their first step onto the property ladder is the Help to Buy scheme, which is offered by Barratt Homes.
The government backed initiative allows buyers to purchase a home with just a 5% deposit and a 75% mortgage. The remaining 20% is funded by an equity loan, interest-free for the first five years and repayable on the sale of the home.
With Help to Buy ISAs available that will aid you in saving up for your mortgage, purchasing a property is within reach for new homebuyers.
Glenn continued: “At Barratt Homes, we want to do everything we can to making moving easier for house hunters, especially those buying for the first time.
“With these helpful mortgage tips, it can help even the most uninformed people be in the know!”
For those on the hunt for their first home in Essex, the five star homebuilder’s development Gilden Park in Harlow has a variety of properties to choose from, that are a great place for buyers to call home.
The development has three, four and five bedroom homes available and even apartments coming soon in the summer, making it the perfect place for buyers looking to purchase their first time home.
To register an interest in any of the properties at Gilden Park, please visit the on-site sales and information centre, open: Monday 12.30pm to 5.30pm and Tuesday to Sunday 10.00am to 5.30pm.