Buying a house can be a daunting prospect for anyone. I’m not a homeowner myself yet but we are saving!
It’s such a big time in someone’s life when buying a house so knowing how to go about this is the first step on the journey. HSBC have created a really useful infographic that provides 5 steps to help every first time buyer get started on their home buying journey!
The first step is to check on your credit report which is really easy to do. There are companies such as ClearScore that provide your credit report for free.
The second step is knowing what you can afford in advance of house hunting and the third is to figure out which type of mortgage you want.
After this you need to work out how much you will put down as a deposit. Providing a larger deposit may mean lower interest rates but if you want to complete any work on your new home then it may be worth holding some back for this!
It’s now time to get a decision in principle from your lender which will give you confidence on what you could possibly borrow.
So if you’re not sure where to start, I hope this information from HSBC helps!