The Do’s and Don’ts of Portability for a First-Time Home Buyer

First Time home buyer
Are you taking a leap of faith and making a significant financial decision in your life by buying your first home? It surely is an exciting time, but at the same time, it can be nerve-wracking. Purchasing a house is one of the single biggest purchases you will make in your lifetime. Below mentioned are the do’s and don’t’s of a first-time home buyer loan:


1. Find ways to save money

Saving money is key to getting a great deal on your mortgage. Saving for a larger deposit gives you access to the best lender’s rates. Additionally, most lenders will also offer incentives to take out a loan from them. Find deals such as free legal work or free valuations that can help you end up saving hundreds and thousands of dollars.

2. Consider all your costs

A major mistake that most first-time home buyers make is failing to consider all the costs related to purchasing a house. Concerning mortgages, you should consider the interest rate, and the fees, including the total cost of your mortgage. By doing your due diligence and shopping around, you could save a buck or two.

3. Take a look at your credit history

When making a life-changing decision like purchasing a house, you must take a look at your credit score and history to see if your mortgage application will be approved. If your credit history is not the greatest, you can improve it before you decide to apply for a loan.

4. Find a good solicitor

A good solicitor will give you a complete breakdown of the costs involved in the purchase of the property. However, you must be aware of what the solicitor will do for you as part of their fee.

5. Ensure all the necessary paperwork is in order

Purchasing property involves a lot of paperwork. If you do not have all the required documents, it can hold up the home-buying process. The following documents include:
  • Bank statements
  • Payslips
  • Utility bills
  • Address proof
  • Photo identification
Ensure you have all the above-mentioned documents in hand when your lender or solicitor requests them to keep the sales process moving smoothly.


Work with the cheapest solicitor from online real estate agents to internet-only conveyancers, in recent times, there are plenty of options for homebuyers. The services are often more affordable than traditional high street agents. However, cheaper is not always better.

1. Get confused by the surveys and valuations

As part of the lending process, the lender will carry out a valuation of the property you are planning to purchase. The reason for doing this is to ensure that the property you are buying is worth more than what they are lending. Keep in mind, that a lender’s valuation is not the same as a survey. A survey highlights any issues with the house and gives you an estimate on what needs to be fixed.

2. Offer more for the property than you can afford

Many first-time home buyers tend to get carried away when purchasing a property. Do not try to blow your budget to secure your dream home. If you exceed your budget, you will end up being in a higher loan-to-value (LTV) bracket, which could potentially affect your mortgage rate and could cost you more in repayments.

3.Think too much ahead

Purchasing your dream house should be a memorable and hassle-free experience. If you are overthinking it, the process will be stressful. It is ideal to plan ahead, but remember, owning a house is special and don’t forget to cherish it. The abovementioned were the first-time home buyer loan benefits. If you are searching for your first house, get in touch with our team to find out more about our first-time home buyer loans.  
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First-Time Home Buyer
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