Advice for First-Time Buyers Birmingham

Email4property.co.uk believes activity from FTB's will accelerate over the summer months, as improved affordability begins to infiltrate into the housing market.

Steve Lees, head of marketing at email4property.co.uk, said: "With property prices at their most affordable for a number of years, now is proving an excellent time for first-time buyers to secure their first home. While lenders are taking a much more cautious approach, there are still some good deals out there for buyers who are able to provide a reasonable deposit.

"As first-time buyers begin to re-enter the market, this will have a positive knock-on effect all the way up the ladder, providing a much needed boost in housing market activity."

The network offers the following tips for FTB's:

Work out how much you can afford

Before starting your search for a new home, speak to your bank or a mortgage broker to work out how much you can afford. It sounds simple but too many people start searching for a home in the price bracket they think they can afford, without finding out first if this is realistic. Today’s first-time buyers are likely to need a minimum of a ten per cent deposit on top of additional funds (typically between £2,000 - £5,000) to cover expenses from legal fees to stamp duty and survey costs.

Check your credit rating

With the banks maintaining a very cautious approach to lending, ensuing that you have a good credit rating is vital when looking to secure a mortgage. Checking your credit rating is relatively easy through services such as Credit Expert from Experian. This service not only provides you with your credit score, but it also offers advice on how to improve it – from making sure all credit card payments are made on time to ensuring you’re on the electoral roll.

Get a mortgage offer in principle

A buyer who has already secured a mortgage in principle is in a much stronger position to negotiate and could be at an advantage should they be competing with other potential buyers. An offer in principle will also reduce the chance of disappointment further down the line, providing a much stronger chance of successfully buying a home of choice.

Don’t purchase a home without getting a professional survey

Unless you’re buying a new home, which will come with a typical ten-year warrantee, it is recommended that you get a homebuyer survey. The homebuyer survey gives a good indication of the state of the property and its level of repair and maintenance. It should also ensure that you are not going to make any unwanted discoveries about the condition of your home, after you’ve bought it.

Read your PIQ

Ask to see the property’s PIQ. The Property Information Questionnaire (PIQ) is a new document, contained in the Home Information Pack (Hip). Anyone putting their home up fo...