Every year sees a growing number of people take the plunge and decide to move from the rental market and buy their very first property.
This is particularly true for couples, who are far more likely according to Rightmove’s House Price Index to be able to afford the average asking price for a first-time buyer home.
For example, estate agents in Sutton know that whilst the average overall price of property is over half a million pounds, two people together are far more likely to afford the average asking price of a flat in the area.
However, before you take the plunge out of the rental market and buy your first home, here are some facts you need to know first.
The Buying Process Is Complex
Buying a home is unlike any other purchase the vast majority of people will ever make. It is not only the most expensive single purchase most people will make but it also has the most involved process to it.
Getting approved for a mortgage, making an offer on a property and having it accepted is only the very start of the process.
There are forms to fill in, conveyancing for the house to go through, setting up insurance, paying deposits, organising relocations and moving-in dates, as well as other factors that can delay a purchase.
Knowing what to expect and doing as much as you can on your side will help make your life easier and slim down what can be a long and involved process.
Mortgages Can Be Very Different
Over the past few months, the differences between tracker and fixed mortgage rates became particularly pronounced, as the events of September 2022 caused a shock in the mortgage market and rates to spike up to as high as 6 per cent, more than double compared to the start of the year.
As a result, it is important to balance flexibility and security. Are you able to afford it if your monthly repayments double, or would you prefer a more expensive but consistent rate?