As a first-time home buyer, it can be a daunting experience. There are many mistakes made when purchasing your first home.

At Philip Ellis Estate and Lettings, we are here to help you understand these mistakes and how to avoid them to make this process smooth and simple.

Buying a bigger space than your budget

It is an essential first step to get a clear idea of your budget before you venture into the property market. This is to ensure you have an overview of what properties you can afford. If you don't know how much you can spend, this can lead to seeing overpriced houses or aiming too low which leads to disappointment.

Being careless with your credit score

Your credit score holds a key role in deciding on which financial assets you can access. Mortgage lenders will emphasise the outcome of your credit report to access if you can financially secure a new property or not.

If you have a poor credit score it means that your application could be rejected, and this will increase the difficulty even further when securing a house.

Before looking into buying a house, make sure you examine your credit report, dispute any issues, and boost your credit score to escalate your limits of being accepted for a loan.

Not considering the full homeownership payments

When becoming a homeowner, it involves more than just the costs of the house itself, you need to consider monthly bills such as:

• Council tax

• Utility bills

• Ground rent (apartments)

• Service charges (apartments)

• Any legal or conveyancing fees

• Any renovations or repair costs if the house isn't a new build

If you're experiencing issues with calculating the exact amount of money you need to account for these extra costs, it would be beneficial to contact a qualified estate agent who are able to guide you and refer you to the best property tax accountants.

Not comparing mortgage quotes

A common mistake made often with first-time buyers is settling for one singular mortgage offer. While mortgage interest rates will vary between different lenders. It is vital to explore your options with caution and get more than one quote. The best way to get this done is by using a trusted whole market mortgage broker who can find you the best mortgage for your personal circumstances.

Not enough planning

With the feeling of excitement of buying your first home can often stop you from any subtle red flags. This is why planning ahead is essential, then you can enjoy the rewarding feeling of your first home with everything covered!

We would recommend planning with plenty of time in advance of making your big decision. This will allow you enough time to improve your credit score, save more money and pay off any current debts you may have. Make sure you are in a strong and comfortable financial position before applying for your loan just to make sure you can unlock the best deals. If you're in the Manchester area and would like advice from the best estate agents Whitefield has to offer, then please don't hesitate to get in contact with one of our expert estate agents at Philip Ellis Estate and Lettings today!