24 May 2024
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.
- 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. - 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.
- 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.
- 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.
- 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.
- 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
Forbes has published a global ranking of stunning locations and one popular picturesque corner of the UK has nabbed top spot.
Over three years after the Mini-Budget took place, we look at what the mortgage market looks like now, showing the difference in mortgage repayments.
The government has announced plans to make buying or selling a home cheaper and quicker with what is being called the “biggest shake-up to the homebuying system in this country’s history.”
More borrowers using equity release
23 days ago
Almost one in five equity release mortgages are now taken out to provide financial support to family.
Buyers purchasing properties sooner
25 days ago
According to industry data, the expected wait for those looking to buy a property has dropped from just over 11 months to less than six months.
It is common for your first mortgage payment to be higher than your subsequent monthly payments for two reasons.
What to do just before you get your keys
24 Sep 2025
Firstly, a big congratulations, you’ve now exchanged contracts! After weeks and months of waiting, you are about to move in. What should you do first?
The chancellor will deliver her second budget this autumn. Due to slow economic growth and high inflation, the government need to manage a £40 billion shortfall in public finances. There have already been reports about changes to taxes including income tax and capital gains tax.
More information
Trusted by
