The TRUTH About Buying Your First Home (UK)

Are you a first-time buyer looking to navigate the complex world of home ownership in the UK? In this video, we uncover the truth about buying your first home, providing essential mortgage advice and tips to help you make informed decisions. We'll guide you through the mortgage process, from understanding mortgage rates to securing loan approval, ensuring you’re well-prepared for this significant investment.

Discover crucial first-time buyer tips, including how to improve your credit score, explore various financing options, and learn about affordable housing opportunities. We also discuss the importance of down payments and share a handy buyer checklist to streamline your homebuying journey.

Whether you're seeking mortgage negotiation strategies or simply want to understand the current housing market, our homebuying guide has got you covered. Get ready to take the first step towards homeownership with confidence! Tune in for insightful real estate tips and finance tips that will empower you in making the right choices for your first home. Don’t miss out on this essential resource for first-time buyers!

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0:00 Introduction
0:13 - Tip #1 Check your credit score early
0:45 - Tip #2 Size of deposit
1:15 - Tip #3 Getting mortgage advice
2:07 - Tip #4 Setting a budget
2:54 - Tip #5 Home desires
3:36 - Tip #6 Getting the right estate agent
3:58 - Tip #7 Viewing properties
4:45 - Tip #8 Getting properties checked over
5:32 - Tip #9 Costings
6:18 - Tip #10 How to negotiate
6:56 - Outro

Meet ME!
If we haven’t yet before - Hey 👋 I’m Simon, a UK Mortgage Advisor. Through my videos here on this channel, I share evidence-based strategies and tools to help you be ahead of the curve when it comes to your home buying and mortgages needs.

#firsttimebuyer #HomeBuyingTips #Homeownership #2024UKPropertyTrends #housebuyingtips

[ProfoundFamiliarity]

Let's say a single person earns £40k a year. A mortgage of 5x their salary is £200k. Then they put down a 5% deposit of £10k.
They can buy a house (or flat) for £210k but the monthly repayments on that £200k mortgage at 4% would be £1k a month.
That's 37% of their take home pay, which seems high. I guess that's why it's not recommended to borrow as much as you can.

[ThatGingerPhotographer]

Really insightful video this, great content!

[orthodonticsclinic]

Hi, thank you for uploading this video. I have a question as I am very interested in purchasing a house with a mortgage. Given the current global situation and the looming fear of war, I’ve researched and found that no home insurance companies cover destruction caused by war. I don’t mean to sound negative or morbid, but I would like an honest opinion about proceeding with a house purchase despite these concerns. While I understand that no one can predict the near future, my eagerness to own a home is being hindered by the current news and the fear of war. What is your opinion on this matter? Do you think it would be wise to buy a house this year?
-Cath G.

[pattersonellen]

Do the brokers charge both the lender a commission and the buyer a fee?

[Nerdish]

Thank you so much! Everything I needed and explained perfectly. I’m eternally grateful 💕💕💕

[Drian_-pnoi]

5% only works if the property value and your salary is 4.5x the value of the house! This is what most people don't understand. As example if you earn 24k that is 108k if you want to buy house for 150k then you need 42k in deposit! that is if you are single of course.

[doktoremesemagyarul]

The houses I was looking at are flying off the market within days, no chance to negotiate.

[mrseden-m]

My credit is bad does that mean I will never be accepted for a mortgage?