A Guide for First-Time Buyers: How to Prepare to Buy Your First Property

How to Prepare to Buy Your First Property: A Guide for First-Time Buyers in Eastbourne

Buying your first property is an exciting journey, but it can also feel overwhelming. At Quanstrom Financial, we understand that first-time buyers in Eastbourne, East Sussex, want to ensure they are well-prepared for every step of the process. Whether you're just starting to think about buying a home or you're ready to take the plunge, our expert mortgage advice will help you navigate the journey with confidence.

Here’s how to prepare to buy your first property:

1) Set Up a Lifetime ISA (LISA)

One of the most effective ways to save for your first home is through a Lifetime ISA (LISA). The government offers a 25% bonus on your contributions, which can make a significant difference to your savings. You can contribute up to £4,000 per year, and the government will add a bonus of £1 for every £4 you save. Over five years, you could save up to £20,000, and receive a £5,000 bonus, giving you a total of £25,000 towards your first property.

How it works:

• Maximum contribution: £4,000 per year
• Government bonus: 25% (up to £1,000 annually)
• Total savings over 5 years (with maximum contributions): £25,000

A Lifetime ISA is a great way to boost your deposit and get closer to buying your first property.

2) Understand the Costs of Buying a Property

Before diving into the property market, it's essential to understand the costs involved in purchasing your first home. These costs go beyond the property price and can include:

• Stamp Duty: This is a tax you pay on the purchase of a property. The amount depends on the property price and whether you're a first-time buyer.
• Legal Fees: Solicitors and conveyancers charge for handling the legal work involved in your property purchase.
• Survey Fees: To ensure there are no hidden issues with the property, you should get a survey done, which may include a homebuyer report or a full structural survey.
• Mortgage Product Fees: Some mortgage products come with fees, such as arrangement fees or booking fees.

Note: As a first-time buyer, you could benefit from a reduced rate or exemption from stamp duty, which can save you a significant amount of money.

3) Choose the Right Survey

When buying a property, it’s important to have a survey done to identify any potential problems that could affect the value of the property or incur unexpected costs. There are several types of surveys you can consider:

• Condition Report: This is a basic report that highlights any urgent issues with the property.
• Homebuyer Report: This is a more detailed report that looks at the condition of the property and identifies any structural problems.
• Building Survey: If you're buying an older property or one that may need significant work, a building survey provides an in-depth analysis of the property's condition.

Choosing the right survey can save you from unexpected repairs down the line.

‍Click here to view our article on different types of surveys

4) Choose a Solicitor

A solicitor or conveyancer will help you with the legal aspects of buying a property. They will handle contracts, deal with the land registry, and ensure the purchase process runs smoothly. It’s important to choose a solicitor who is experienced in property transactions and familiar with the local area, such as Eastbourne and East Sussex.

Make sure to compare quotes and check reviews before making a decision.

5) Contact to a Mortgage Broker

Before you start viewing properties, it’s essential to know how much you can afford to borrow. A mortgage broker can help you understand your budget by assessing your income, outgoings, and credit history to determine the right mortgage for you.

An Agreement in Principle (AIP), also known as a Mortgage in Principle, is a document from a lender that confirms how much you could potentially borrow based on your financial situation. This can give you a clear idea of your budget and help you narrow down your property search. It’s also a great way to show sellers that you’re a serious buyer.

At Quanstrom Financial, we offer independent, whole-of-market advice to help you find the best mortgage deal. As an independent mortgage broker in Eastbourne, we work with a range of lenders to ensure you get a mortgage that suits your needs and budget.

Click here to view our article explaining what an Agreement in Principle is

How Quanstrom Financial Can Help You

At Quanstrom Financial, we’re here to guide you through every stage of your home-buying journey. Whether you need expert advice on mortgage options, want to understand the costs involved, or need help choosing the right survey or solicitor, we can assist you in making informed decisions.

Why Choose Us?

• Expert Mortgage Advice in Eastbourne: We have years of experience helping first-time buyers in East Sussex find the right mortgage.
• Whole of Market Advice: Ensuring you proceed with the most cost-effective mortgage available to you.
• Quick, Efficient Service: We work quickly to ensure you don’t miss out on your dream home.

Ready to get started? Contact Quanstrom Financial today for professional mortgage advice tailored to your needs.

📞 Need mortgage advice? Call 01323 364432

‍📧 Email info@quanstromfinancial.co.uk

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