Getting Yourself Ready To Buy

Getting Yourself Ready To Buy

Read our top tips on getting yourself in a proceedable position and ready to buy when the time is right.

Get your finances ready

This is the foundation of your home buying journey. Start saving for your deposit as early as possible. Most lenders require a minimum of 5% of the property value. For example, if you're looking at purchasing a property priced at £500,000, you'll need to have at least £25,000 saved.

If you are expecting gifted funds from family members, we’d recommend ensuring these are all in one account in the UK ahead of looking to reserve your new home.

Other costs to consider when you purchase a property:

• Legal fees
• Moving costs
• Stamp Duty (if applicable) - use a free Stamp Duty calculator like this one to calculate this figure

Strengthen your credit score

Start this as early as possible, because it takes time to improve - but can make a huge impact on mortgage rates that might be accessible to you.

• Check your credit report using a website like Experian
• Register on the electoral roll (yes, something as simple as this really makes a difference!)
• Pay all your bills on time - even a day late can affect your credit history

Before purchasing a property, it’s best to avoid the below, as they can have a detrimental affect on your credit score:

• New loans/credit cards
• Big purchases on finance

Find out how much you could afford

Speaking with a mortgage broker can help you understand how much you can borrow and what your monthly repayments might look like. Before you start viewing properties, it’s a good idea to secure an Agreement in Principle from a lender or broker. This gives you a clear idea of what you can borrow, more credibility with sellers and a stronger position when making an offer. It will also help tailor your search in terms of property size and maximum price point.

It may be worth discussing with family at this point to see if there is any financial help they are willing to help with as this could increase your budget.

We’d recommend speaking to mortgage brokers Torc24. They offer a free, no-obligation service, and will speak to you about what you could afford and the options available to you.

Alternatively, you can speak directly to a lender, such as your bank.

Understand your monthly costs

Buying a property isn’t just about your mortgage. It’s helpful to understand the monthly outgoings involved with owning your own home, including:

• Mortgage repayments
• Council tax
• Service charge
• Utilities
• Insurance

Explore first time buyer support

Take the time to explore your options as a first time buyer - you might be surprised by what’s available and could make owning your new home even more affordable than you thought.

At Fairview New Homes, we offer a 5% deposit boost incentive*, contributions towards Stamp Duty and legal fees*, as well as access to low deposit or 100% mortgages.

We also offer a unique scheme called Save to Buy, allowing you to own your own home with just a 1% deposit.

You can read more about our buying schemes here.

Organise your documents in advance

When you find a property you love, things can move quickly, so it’s good to have these ready to go at the point of reservation:

• Last 3 months’ payslips
• Last 3-6 months’ bank statements where your salary is paid into
• Proof of deposit (and where it came from) - 3-6 months of the account statements
• Valid ID (passport/driving licence)
• Proof of address - Dated within the last 3 month
• If applicable, gift documents (from gift provider) - proof of ID, proof of address, 3-6 months’ account statements where the gift is held

This avoids delays when reserving your new home and submitting your mortgage application.

Be ready to move quickly!

Good properties can attract a lot of interest. By having your finances, documents, and mortgage preparation in place, you’ll be ready to act confidently when your dream home comes along.