Welcome to the fourth instalment of simplifying the process for first-time buyers, protecting and moving into your new home.
In this article you will:
- Learn about protecting your new home: Learn the importance of insurance for protecting your new asset.
- Finalise a moving checklist.
Protecting Your New Home
Owning a home means you have responsibilities. You need to protect your investment and your loved ones.
In this part, we talk about important insurance policies for homeowners. We focus on buildings insurance, which can often include contents insurance, and life insurance. These are key parts of keeping your home safe.
Insurance Policies for Homeowners
Buildings insurance is usually required by the lender to be in place ahead of completion. It protects your property’s structure from damage due to things like fire, floods, or storms.
It is important to check your insurance policies each year. This way, you can stay on top of required amendments and changes to your circumstances to ensure they fit your current needs.
Why do I need Personal Protection Insurance?
Personal protection insurance, for example life cover and critical illness insurance, offers financial safety for you and your loved ones should the unexpected occur. Life insurance policies pay-out a one-time payment to your beneficiaries in the event of your death.
Having this security in place helps your family stay in their home without money stress if something bad happens, and offers peace of mind. Think about your personal situation, your dependents, and how much money is still outstanding on your mortgage. This will help you decide how much coverage you need.
Talking to an adviser can guide you in determining what is important for you to protect and then making smart insurance choices. The protection insurance team at LDN Finance are here to help.
Moving Into Your New Home
Congratulations! You have made it through the mortgage process. Now, you are set to start a very exciting time in your new home. To help you with this change, we have put together a checklist just for first-time buyers.
Planning Your Move: Checklist for First-Time Buyers
- Packing: Start packing your things early. Label boxes clearly and consider hiring a removal firm to help you on moving day.
- Utilities: Contact utility companies for gas, electricity, water, and internet.
- Mail Forwarding: Set up mail forwarding with the Royal Mail. This will help you get your mail at your new address.
- Change of Address: Inform banks, insurance companies, and other important services about your new address.
- Inventory: Make a list of your belongings for insurance. This will help you with unpacking.
TOP TIP: Find the boiler, fuse box, water shut-off valve, and gas meter soon after moving in. This makes it easy to access them during emergencies!
First-Time Buyer Mortgage: Key Takeaways
Getting your first mortgage may seem daunting at first, but does not need to be scary. You can make it easier by knowing the types of mortgages, getting your finances ready and in a good place, and carefully choosing the right property for you.
Each part, from the mortgage application to moving into your new home, matters greatly. Take your time to learn, ask for help when you need it, and protect your investment with insurance. For assistance is securing a mortgage and protection insurance, contact the expert advisers at LDN Finance who have been helping first-time buyers since 2017. Our award-winning firm will help to not only find you a competitive deal, but will also partner closely with you during your homebuying journey. To speak to one of our advisers contact us today.
With good planning and hard work, you will soon open the door to your new home sweet home. Congratulations on this exciting step toward homeownership!
Frequently Asked Questions
How much deposit do I need for a first-time buyer mortgage?
As a first-time buyer, saving for a deposit is important to be able to take your first step on the property ladder. The deposit amount will change based on the house prices in your area, but typically you will need at least 5% of the house’s value as a deposit. However, the more deposit you have the smaller your loan will be, and the interest rate may potentially be more competitive.
Are there government schemes available for first-time buyers purchasing property?
If you’re a first-time buyer, you may be able to buy a home for 30% to 50% less than its market value via a Government scheme called the First Homes scheme.
The home must be your only or main residence, and is only available in England. For more information visit the Government website.
Keen to learn more? Be sure to check out the full series of first-time buyer guides.