One of the most important “types” of customers that we often meet are first time home buyers who are quite lost when it comes to financing and purchasing a residential home. Now, every year these usually become the bulk of our customers, as homes are being sold every year and first-time buyers are looking for their first property to purchase. Whether it is for a growing family who need the extra space, or for their own investments, it is a massive first step for anyone. 

When we first initiate conversations with these customers, we always strictly talk about how important it is to make repayments, and how difficult the home purchase process is. The entire process is not easy, and there are a lot of rules and regulations that goes into being a property owner that they will be unaware of before even purchasing the property itself. 

What is key to note is that often, first time buyers, especially those expecting a family, will not have the finance necessary. They will usually have the 10% deposit, and not much else. After the expense of buying goods associated with having a baby, all the way down to buying baby girl comforters, mortgages are always the first option that we push forward because it is their only realistic option. Usually, their success rate when it comes to applying for these mortgages is completely on them and their own affordability. 

So, a quick, important key tip if you are soon to apply for a mortgage: make sure that your credit rating is already sorted. If you start an application process with your credit rating on a low enough level to reject, it will just make future applications harder for yourself. If you sort your credit rating before the first application, you will have a much easier time in the future. 

We understand that it can be a tough time for a first-time buyer. You do not understand the many regulations or the paperwork, but if you have a finance plan, you will be fine.