Purchasing a home is an exciting moment as it marks the beginning of the next phase of your life, brimming with expectation and the creation of new memories. However, there's no denying that it can also be a stressful time, particularly if it's your first time going through the process.
At Mortgage Advice Bureau, we have plenty of experience helping people embark on the journey of homeownership, so we’ve put together some things that could ease some of the potential first time buyer anxiety you may be feeling.
Common worries of first time buyers
There's no disputing that the home-buying process is emotionally charged and may lead you down a winding, twisting path. It's no wonder that many first time house buyers describe the process as stressful. Purchasing your first house can consume a significant amount of time and energy. Buying a property might take around three months if everything goes perfectly.
There are three main areas of concern:
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Your affordability, whether you can afford the deposit or the monthly repayments
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Having second thoughts and regretting your choice of property
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Realising you have a lack of education around the home buying process
Top tips to ease first time buyer anxiety
Here are some solutions we suggest if you find yourself feeling anxious about the journey to homeownership:
Don’t be afraid to ask for help
If you have friends or family (or both) that have been through the process of buying a property, don’t be afraid to ask them for guidance. They will know that it is a stressful process and can help ease your mind if it becomes overwhelming.
Speak to a mortgage adviser
A mortgage adviser will take care of your whole application, including all the paperwork. They will work to find you the right mortgage deal, as well as keep you updated along the entire process so that there's no surprises.
Don’t let it take over your life
Like with all things in life, if you spend too much time overthinking - you can end up stressing yourself out. When you have a bit of free time, take your mind off the property purchase. Do things you enjoy, whether it’s going to the gym, reading a book, or spending time with family.
How our app can help with first time buyer anxiety
The My MAB app is your go-to mortgage planner. It's got everything you need to simplify and streamline the process of buying a house for the first time. In fact, it's like having a digital mortgage coach in your pocket.
Using the app, you'll be able to:
- Track your savings
- Work out your affordability
- Take a deep-dive into our expert articles
- Stay organised and on track
You can download the app for free by following the links below:
Download the Mortgage Advice Bureau app
Our app is a digital mortgage coach designed to help you save up, plan, and track your home buying journey – whether you’re buying your first home, or just fancy a move.
We’ll guide you through step by step to ensure you always know what’s coming up next.
Schemes for first time buyers
If you’re a first time buyer, there are a few government schemes available that may make the process of purchasing a property a little easier.
First Homes scheme
You might be able to purchase a property for 30–50% less than its current market value if you're a first time buyer using the First Homes scheme. This scheme is designed to get first time buyers onto the property ladder.
There are some prerequisites for qualifying, the most important of which is the financial requirement. Your total family income must not be more than £80,000 (£90,000 in London) and you must be able to obtain a mortgage for at least half the purchase price of the property.
Shared ownership
With Shared Ownership, you purchase a portion of the property, ranging from 10% to 75%, and pay rent to the landlord for the amount they possess.
The landlord in this situation might be a housing association, a council, or another institution. If cost is an issue, this might be a good way to get your feet wet in the property market and start on the path to homeownership.
Own new
Own New is the middle man between lenders and developers, and their Rate Reducer incentive gives you the opportunity to buy a new build at reduced interest rates. These rates are valid for 2 or 5 years, as part of a fixed deal.
Own New isn't just available to first time buyers, but it can be a big help for anyone looking to buy a new build
How can we help?
Getting a mortgage is actually easier than you might believe, and the factors you are concerned about may not be as big of a challenge at all. When you're ready to apply, contact one of our advisers, who will be able to walk you through your options and provide solutions that are personalised to your unique needs.
Speak to an expert mortgage adviser
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend on your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Related Articles
Common fears and concerns of first time buyers
5 advantages of owning your own home
A helpful guide for first time buyers
Download the Mortgage Advice Bureau app
Our app is a digital mortgage coach designed to help you save up, plan, and track your home buying journey – whether you’re buying your first home, or just fancy a move.
We’ll guide you through step by step to ensure you always know what’s coming up next.