There are many first-time buyer mistakes to learn from. And there’s nothing wrong in learning from others’ mistakes. Hopefully, it will not only help you avoid the errors, but it will also give you a deeper knowledge.

First-time buyers often make mistakes because buying property is a legal process and there is set way to progress! Sometimes you can get so excited that it’s easy to get excited and make errors. But they can mean you end up missing out on your first home. Worse, it could mean you end up paying more than necessary.

The stresses and strains of buying a first home are real. New figures suggest many first-time buyers are delaying big life decisions to save for their first property. The survey says to save as much as possible, they are:

• Renting for longer

• Moving back in with parents

• Delaying marriage

• Postponing parenthood

Help for first-time buyers

Buying your first property can be worrying. Research by West Brom Building Societyhas found that more first-time buyers are lacking confidence than ever. Around 44% of respondents say they don’t fully understand the process.

That’s why our past few blogs have looked at topics to help first-time buyers gain a better understanding of the legal and necessary steps to buying a first property. From deposit myths to what to ask before you view, we’ve focused on first-time buyers.

This time we look at the most common mistakes first-time buyers make, and how to learn from them.

3 first-time buyer mistakes to learn from

There are many errors or misunderstandings that anyone can make when buying property – especially first-time buyers. So we’ve picked 3 of the most common mistakes.

Not knowing your numbers

We all have an idea of a dream home. But just a minute! It’s easy to get carried away when you buy your first home, and that can be expensive. In some cases, it will overstretch your budget.

Last year,research by TSB found that 47% of first-time buyers they surveyed said they considered overbidding to secure their dream home. That could be a risky move, especially if you don’t know your numbers!

Before you start clicking through the pages of Rightmove, think about what you can afford. Even lower-priced properties can become a gem, so don’t think you need to buy on looks alone! You need to think about:

• Your deposit.We’ve already looked at the fact you can have a lower deposit than 10%, but that might affect the amount a mortgage lender will offer. But where is the money coming from? Is it from your savings? A family member, or somewhere else? Lenders want to know how you will fund your deposit with a clear paper trail.

• Your budget.What can you really afford? Each month you need to make repayments to pay back a portion of the home loanas well asinterest. You might use your monthly rent as a guide, but don’t forget the extra costs of buying a property. They may cut into your monthly budget! You’ll need to explain where your money goes. So, don’t forget subscriptions to TV content and the gym! If they increase, will you be willing to stop them to divert your money to your mortgage?

• The fees.And that brings us nicely to fees. You see, you may think you have a certain amount saved for a deposit and towards repayments. But have you also got enough to pay for legal fees, mortgage fees and any other costs – such as surveys or mandatory insurances?

Not knowing your credit score

Your credit score tells lenders how reliable you are with your money. If you’ve got a credit card, make car payments or have County Court Judgments that data is available through credit reference agencies. Lenders use this data to decide whether to loan you money for a home. They are taking a big risk every time they put money into an account. If they think you’re a big risk because you have a poor credit history, they won’t make an offer.

We’ve looked more deeply atcredit history and why it matters to mortgagesbefore.

One of the biggest mistakes made by first-time buyers is not knowing their history or forgetting about an issue. These errors include”

• Forgetting to update addresses

• Forgotten missed payments or late payments

• Lots of recent credit applications. This can seriously impact your score!

• Not being on the electoral roll.

Not having a good credit history will not rule you out of being made an offer. But not bothering to check it can be a big error, especially if something can be cleared up that increases your score. There are ways to check your score including Check My File. We’ve looked in depth at the steps you can take to improve your credit score before.

Leaving everything to the last minute

Leaving things to the last minute isn’t necessarily down to laziness or a nonchalant attitude. First-time buyers often don’t realise just how much needs to happen to secure a mortgage and a property.

Recent figures show it can take three months from having your offer on a home accepted to picking up the keys. And that’s after the 2-3 weeks it can take to secure an Agreement in Principle (AIP). You need your AIP before you go house hunting. The lender will need time to check your history and financial situation before you secure your AIP. To find out more about that, check out this blog.

There’s a lot of effort that goes in from your mortgage adviser before the AIP is in place. So, if you have decided on a property before everything is in place, you could delay any purchase. Worse still, you might miss out on the property if a better prepared buyer makes an offer!

There are steps you can take to ensure you don’t face unnecessary delays. These include:

• Responding to document requests without delay

• Avoiding big ticket purchases or taking out other credit

• Booking your home survey quickly

• Avoiding changing jobs during the application unless you’ve already mentioned it

The key is to remember you’re a link in the chain and that the quicker you deal with the issues you need to, the quicker you’ll secure a mortgage agreement.

What else do I need to know?

There is a lot to buying your first property. Speaking to an experienced mortgage adviser is hugely important. They will guide you through securing a mortgage, advise you on the process of buying the home and what pitfalls to look out for.

Our young team has decades of experience, so speak to us today. You don’t have to pay for your initial conversation, and you can ask all the questions you need. We want to help ensure your experience as a first-time buyer is a good one!

Remember, your home is at risk if you fail to keep up repayments on your mortgage