Buying as a first-time buyer can be a scary idea, not least because the constant grievances about the housing market in the UK have reached a peak over the past month. There’s a big deposit to think about, a massive investment that is rarely matched in other areas of life, and a loan to repay afterwards. But there are also a lot of other myths and wife’s tales that float about that scare first time buyers. We’re looking at some of them and how you would maybe avoid some of the negative effects of these myths as a first-time buyer. Take a look at our suggestions.

Fixed-rate mortgages

If recent events have taught us anything, it’s the benefit of a fixed-rate mortgage. As interest rates rise with the recent crash in the UK economy, fixed rates are becoming the saviour. First-time buyers might be particularly swayed by fixed-rate mortgages because they mean that, no matter what life throws at the economy, your interest rates will stay the same.

However, this is usually balanced out by a bigger upfront fee. The good news there is that they are often folded into your mortgage loan, but it’s useful to have a spare £1,000 in your savings if you’re going for a fixed-rate mortgage.

Search for hidden horrors

As for the physical home in itself, you’re going to need to make sure that it’s fit for buying, without any glaring issues that will see you pour your money down the drain. You should have an inspector look over the property to ensure that there’s no surprises. They won’t just look for a leaky faucet or a wall that will need to come down in a few years, but they also look at the council tax band, parking facilities and lots more.

Be realistic about what you can afford

Remember that the idea of the property ladder is that you should be upgrading, so, as a first-time buyer, start small and work your way up. But it’s even more important that you buy within your financial means. Don’t overextend yourself. This means taking in not only your mortgage, but your utilities as they would be in this new home, any renovations that need to happen and your likely outgoings from commuting, food, fuel, etc.

One is just as good as two

The idea of relationships is changing, which means there are a lot more single people out there. People are getting married later in life, starting families later, but they still want to get on the property ladder as a first-time buyer. Forgetting the “Why” of the situation for now, this leads to a lot of people asking if they can even buy a house as a single person. The short answer is “Yes”.

Lenders just want to know how much of a risk you pose to them. They will look a lot more closely at your income and outgoings for the sake of judging affordability, but it means you, as a first-time buyer, should be realistic about what you can afford and what you need.

If you want to make the mortgage process less frightening, then contact us today.