There’s plenty to consider when buying your first home in Liverpool, and it can be overwhelming for first-time buyers.
Many people make the mistake of leaving things until the last minute and not considering the important things.
We’re here to help – keep reading for some top tips for first-time buyers in Liverpool, including some top tips to start saving.
1- Start Saving
The first thing you should do if the thought of buying a home has crossed your mind is to start saving money. You should start saving for not only your deposit but for the mortgage payments too – although often, monthly mortgage payments work out cheaper than rent.
The average age for a first-time homebuyer is 30, so it’s best to start saving for your first home as soon as possible – it can take around five years to start saving for the deposit, depending on your income and existing savings.
Many first-time homebuyers make the mistake of thinking they only need to save for a 10% deposit, but having this to hand doesn’t necessarily mean that you’ll be accepted.
This may be the most difficult part of the process, but with hard work and determination, you’re sure to get there. Read on for some tips to help you start saving.
Top Tips To Start Saving
First of all, you should consider making your own coffees instead of buying them out. If you buy a coffee out every morning, then you’re spending over £50 a month on coffees (£600 per year!). If you must buy your coffees, why not buy a membership card for just £20 a month, so you can get unlimited coffees?
Or, nip to your local supermarket and purchase reusable coffee cups or a coffee flask – this allows you to make your own coffees and bring them with you, whether it be on the train, to work, or even on a morning stroll.
You should also think about making your own packed lunches instead of buying lunch out. Meal deals cost around £3, which if you got one every working day, would set you back £720 per year. You can make your own lunch every day and it will take under ten minutes – especially if it’s just a sandwich and some crisps.
Consider parking costs too – it may be worth parking a little further away if it means paying less. The more you save, the better – and every little helps. If you work in Liverpool City Centre, you could be paying over £6 a day for parking, which can add up to £1440 per year. However, this can be cut in half if you park further away.
2- Find The Perfect Home
Once you’ve saved enough money for a deposit, it’s time to find your perfect home. There are many districts in Liverpool, and each has its own pros and cons. For example, the City Centre is convenient, but it’s hard to find homes with gardens – and it can be quite expensive.
If you’re searching online, be sure to apply the relevant filters to make your search easier and more precise. For example, if you don’t want to buy a flat or a bungalow, untick those from your selection. If you’re looking for a house but you don’t want a terraced house, then untick this.
Likewise, if your budget for a home is £200,000, then be sure to set this as your limit. There’s plenty to consider when buying your first home – whether you want to opt for freehold or leasehold, whether you want a garden, and of course, the location.
Be sure to view the home in person a couple of times before applying so you can get a real feel for the home.
Whether you’re looking for homes in Liverpool City Centre, Wavertree, Aintree, Speke, Norris Green, or even over the water, it’s always best to find a quality mortgage advisor to guide you through the process.
3- Find The Right Mortgage Advisor
Seeing a mortgage advisor is a necessary step in purchasing your first home, or even if you’re planning on remortgaging.
Mortgage advisors can save you plenty of time and effort, and help you take control of your mortgage application.
Typically, your mortgage advisor will be connected directly to a network of lenders and will recommend the best mortgage deals from these lenders.
If you’re a first-time buyer, mortgage advisors can help you to explain the different types of mortgages available and their benefits. They can also give you all the advice you need to make an informed decision.
Mortgage advisors can also help you to prepare your mortgage application, boosting your chances of being accepted.
At LTC Mortgages, we can find you the best mortgage deals in Liverpool for your location, circumstances, and income. Click here for more information.
Liam Coker is a highly skilled mortgage and protection specialist who delivers excellent customer service. His knowledge of the mortgage industry is key to finding the correct solution for people’s specific needs.