First home buyer tips are a dime a dozen – but a helpful set of them can be pretty hard to come by. Not only can certain websites be misleading; but others might downright lie to you and this can throw a real spanner in the works at times. To make things easier for you, we’re decided to put some of the most helpful tips for first time home buyers that we’ve come across – and you’ll find out more on each of them below.

Research is key

If you’re going into a mortgage application – then make a point of knowing what’s what. Without the relevant information needed to get the most from your potential options; you might end up deciding on one that leaves you struggling to make ends meet. A good interest rate comparison could also save you thousands – and this is something that a mortgage broker should be able to help with.

Know where you stand financially

If you are hoping to learn about how much you could expect to borrow, then why not take advantage of free to use online tools such as mortgage calculators? These handy pieces of software can work out how particular interest rates might affect what you repay each month, or even how much you could comfortably afford to borrow before you even consider applying to a bank.

Hire an expert

Another great tip is to hire a mortgage broker – especially one that deals with first home buyer home loans from a variety of banks and lending groups. They should be able to compare a range of interest rates on your behalf as standard, before honing in on the most beneficial deals available to you. Furthermore, they might even be able to negotiate with banks and lenders to ensure that you receive the fairest deal for your cash.

Don’t be afraid to save a little more than you need

Sure, you might find your lifestyle taking a bit of a backseat while you try to save up on your deposit – but as banks will demand a minimum amount, why not go a little further and provide more to act as your deposit initially? You’ll need to borrow less overall, potentially saving you thousands in interest – and as there are plenty of saving options made available to savers (such as dedicated accounts and ISAs), you could save a small fortune for when it comes time to covering the cost of your deposit.

And there you have it, a small selection of helpful tips to ensure that your mortgage applications gets off to a flying start. A broker can be an asset to any application – but even if you do opt to go it alone, why not take advantage of tools like online home loan calculators to help you to stay on top of your borrowing potential?