10 steps to offering on your first property.

Does your new home need work? First time buyers watch out! mortgage
Don’t set yourself up for unexpected or unaffordable expenses – here’s our 10 step first time buyer checklist.

The Acorn.mortgage First time Buyer checklist is designed to help you understand the steps you should take when buying your first home.

Our experts are here to assist every step of the way to ensure you get the right home and the right mortgage.

  1. Before you start looking at properties, a quick call with one of our mortgage experts will help you to understand how much you can borrow and what percentage of the property that needs to be.
    • If you can borrow £150,000 on a 80% mortgage then dividing it will give you the total property value you should be looking at; (£150,000/80% = £187,500)
  2. Write your “shopping list” of what your perfect property looks like;
    • How many bedrooms do you need?
    • Do you need a garden?
    • Where’s the perfect location for you? Is it near schools, work, family?
    • What compromises can you make in your list?
  3. Check out the areas you like, can you afford the right property there or do you need to cast the net a little wider?
  4. Work out all the costs of moving in and living there, your Acorn.finance mortgage specialist will be able to help you understand a lot of the costs but will you need professional removals, furniture etc and then what about the bills once you’re in, how much do you expect to pay for council tax and utilities?
  5. Research the area – especially if you’re moving to a new area. What’s it going to be like to live there?
  6. Consider different means of buying, contact the local agents to tell them what you want but also check online agents without a local presence. You might also try a card-drop if a particular house fits your needs.
  7. Once you find your perfect home, view more than once at different times of day, you’ll notice things second time that you didn’t see in the first place, that quiet road could be a rat-run at rush hour, that little patch of damp behind the sofa…
  8. If the property needs work before it’s fully up to standard then consider that when you’re working out how much to offer. If you need to, get professional advice.
  9. Make your offer with a little wiggle room – Sellers like to negotiate!
  10. Don’t get swept up in increasing your offer – set a limit and stick to it.

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