Tips for first time buyers

Buying a property for the first time can be a minefield and a bit overwhelming.

Here are a few tips to help you with your home purchase.

Save

Once you know the kind of property you are looking to buy you can work out the amount of deposit you will need, it’s a good idea to make a plan to reach this goal.

A regular saving is a lot more effective than relying on one-off amounts.

The amount of time it takes will depend on what you can afford to set aside each month. Be realistic, you do not want to overstretch yourself and end up using these savings.

Improve Credit Score

When you apply for a mortgage, lenders will look at your credit history. They will use this information to decide whether you will get a mortgage offer or not. It is important that you look at the best ways to help improve your score.

Government Schemes

Look into government schemes to see if you qualify. These aim to assist first time buyers and give home buyers a helping hand onto the property ladder.

If you qualify for these schemes, lenders will still want to know you can afford to pay your mortgage.

Buy with Friends and Family

If you cannot afford to buy a property on your own, you could always live with a friend or family member. If you do this make sure to set rules and boundaries from the start. You will also need to consider how you will divide the property between you and who will own how much. You can either do a joint tenants or tenants in common.

If you are looking to buy your first home and need advice, please do get in touch with our team here.