Making the move into home ownership

Buying your first home can be a daunting step so David Wilson South Midlands has teamed up with Grange Mortgage Services to offer potential homeowners some invaluable advice on how to make a successful move into home ownership.

The region’s leading housebuilder has a number of starter homes on offer at it’s The Cedars development in Corby and Jackie Day, Sales Director at David Wilson thinks there has never been a better time to take that first step.

She comments “With prices at their lowest since before the property boom of 2007, and with some fantastic initiatives on offer designed to make a move as affordable as possible, now is an ideal time to buy your first home.

“The one- and two- bedroom homes available at The Cedars are the perfect starter properties and with prices starting from just £79,995, they offer the ideal opportunity to any wannabe home owners to bite the bullet and get a foot on the ladder.”

Daniel Mumford, Director at Grange Mortgage Services adds “For anyone considering making the move into home ownership, there are a few small steps they can take to help make the process of buying a first home go more smoothly.

“As an independent financial advisor I regularly get asked what borrowers can do to increase their chances of securing a good mortgage deal so hopefully our top tips will prove useful.”

Here are David Wilson and Grange Mortgage Services top tips to make a successful move into home ownership.

1. Save

It may be an obvious one but potential purchasers should try and save as much as possible before buying. Having cash to cover your deposit, stamp duty, valuation or legal fees will prove your commitment to a lender and will go a long way in helping you secure a good mortgage.

2. Ensure your bank account is in order

Bad credit rating can have a detrimental effect on acquiring a mortgage. Small measures like not exceeding your overdraft limit and ensuring you have no bounced cheques or returned direct debits will dramatically improve your chances of securing a good deal.

3. Budget wisely

Many first time buyers make the mistake of overestimating how much they can afford to re-pay each month so when working out your monthly budget, remember to include things like council tax and utility bills to ensure you’re not left short at the end of each month.

4. Get on the electoral roll

Lendors use a scoring system to measure your credit rating with some using address identification as one of the factors. If you’re registered on the electoral roll this will make you easier to track so if you’re not already, contact your local council and get on the roll at least 6 months before you’re planning on buying.

5. Take advantage of shared equity deals

As many as two thirds of first time buyers are taking advantage of shared equity deals as they can help potential homeowners make the move into home ownership without overstretching their budget. The percentage paid by the housebuilder can act as a deposit so these interest free deferred loans provide a win/win solution to getting on the property ladder.

To find out more about the fantastic range of homes and deals available to first time buyers at The Cedars log on to dwh.co.uk.