Getting on the property ladder: first time buyer tips

Buying a property, especially in the current climate is a big decision for first time buyers. Despite being incredibly rewarding, buying a home is in the top ten most stressful life events! We have listed a few tips that can help you buy your first property.

  1.  Save as much as you can for a deposit
    The bigger the deposit you are able to put down, the better the mortgage deal you are likely to secure. The recommendation is to aim for a deposit of at least 10% of the property value. However, if you are struggling to save a deposit, there are schemes available including, 100% Mortgages, Shared Ownership, First Homes and Lifetime ISAs.
  2. Check your credit score

    Having a deposit and earning a salary that covers repayments is important but not the only area a lender will look at. Having a good credit score is also important. To find out ways to improve your credit score, read our tips here.  

  3. Get a mortgage in principle

    You’ll need to get a mortgage in principle from a lender before you start looking. This will give you an idea of how much you can borrow and how much you can expect your monthly payments to be.

  4. Be realistic

    Making a budget, and factoring in all costs involved with buying and owning a property such as monthly repayments, insurance, bills, and maintenance will allow you to understand your affordability.

  5. Don't pick the first property you see

    It is good to shop around, compare prices, different areas and property types to ensure you are getting the best deal for your budget and requirements. 

  6. Consider a property that requires some work

    Depending on your situation, buying a ‘fixer-upper’ requiring some work or renovation may be more affordable than a home you can move into immediately. You will need to work out the cost and time involved in renovating the property before being sure it is the home for you.

We hope you have found these tips useful, and increase your chances of getting on the property ladder as a first time buyer. For more information, contact one of our independent mortgage advisers who can discuss the best options for you: 01628 507477.

Recent posts

A recent study by Boon Brokers where 1,000 people who had used an estate agent over the last year were surveyed, showed that a whopping 52% said they were pressured into using the estate agents’ in-house mortgage broker.

Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.

The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.

Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.

As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more. 

The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.

Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.

Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.

 

Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break

The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.