Ten top tips for first time buyers.

Get the right mortgage advice for first time buyers

The increasingly competitive mortgage market offers so many deals, that it can be daunting and confusing for the first time buyer to negotiate. Zero deposit mortgages, mortgages for professionals, capped rate mortgages or fixed rate mortgages - what do these terms mean and what's the best one for you?

Make sure that you start by getting the right mortgage advice for first time buyers. A good broker will explain the jargon and take all your personal circumstances and preferences into account, in order to advise you of the options available to you and offer you the best mortgages for first time buyers.

Get a mortgage sorted out before you start your search

This might seem premature, but you need to find out if you are able to get a mortgage in the first place. In order to do this you can apply for an agreement in principle. This is completely free of charge and establishes exactly how much you can borrow, but neither does it tie you to using the lender nor the mortgage broker.

Know your own finances

Go through your finances at the beginning of the process with a fine toothcomb. Contact one of the two main credit reference agencies, Experian and Equifax for a copy of your personal credit history – and, if your credit rating is low, take steps to improve your credit rating.

Sometimes, after people have submitted a mortgage application, they discover that something like a bad debt or a poor credit rating will affect their mortgage. This can then cause problems within a chain when the lender rejects the application and slows the process down for everybody.

Do your sums properly

Make sure that you’ve sat down and worked out exactly how much you can afford to spend on your new home. Even a new-build is going to need some furnishings, while an older property may require extensive redecorating or rewiring.

You’ll also need to consider the other expenses that come with buying a property, such as Stamp Duty Land Tax, surveying and conveyancing.

Budget for all your expenses

Don't forget to factor in all the other monthly charges you'll be paying - in addition to your mortgage repayments - once you've moved in. Council tax, service charges, household repairs and bills - easy to forget if you've been living at home - soon add up.

Find out what Council Tax band you'll be in

Ask the estate agent who's showing you round the property which Council Tax band the house or flat is in. The agent should be able to tell you how the local authority levies the charges, too.

Research the area where you want to buy

Thoroughly research the area where you want to buy and get a good grasp of what is actually selling. Remember that all sorts of factors can add value to your property - or increase your monthly outgoings. Think about whether the postcode area you're moving to will incur a steep rise in your car insurance, for example. Even if you don't have children, a property in a catchment area with good schools will be easier to sell on - although, of course, it would probably be more expensive to buy in the first place.

Think about your new journey to work

When you're viewing properties, find out about the local public transport links. How much time will you add/lose to your daily commute by moving here? If you're moving out to the suburbs because property is cheaper there, don't forget that your train or Tube journey into town is probably going to cost considerably more.

Could you feel at home here?

You might think that you've found your dream place, but how will it feel once you've finished nesting and want to get out and explore? Before you take the plunge, go for a walk around the area. Has it got the sorts of local shops you'll need? What about pubs and bars, sporting facilities and parks? Would you feel safe walking home at night? Make sure you consider all these things before making your final decision.

Get on the right side of your estate agent!

When there's so much competition for properties, you need to make yourself known and remembered. Try to register with as many agents as possible, make sure they know your name and know that you have a certificate showing that you have an agreement in principle with a suitable lender. The importance of maintaining a good relationship with your estate agent should not be underestimated!

Don't just rely on estate agents though - many properties never make it onto their books. Scan your local papers and the internet for private sales.