Owning your own home – it’s one of the most expensive things you will ever buy and the process can be both frustrating and time-consuming. With the average first time buyers home costing £166,559 and the average first time deposit now standing at £28,2331, for some the idea of buying their first home seems like a distant dream rather than a reality. That needn’t be the case, here at Your Move we have 1,500 property experts ready to help you get your foot on the property ladder.
As a first time buyer one of the first things you need to figure out is how much you can borrow, this will help you find properties that you can afford. Booking an appointment with a mortgage advisor is one of the best ways to do this, the mortgage advisor will look at your spending habits, your monthly outgoings and evaluate how much you may be able to borrow and help you understand the different types of mortgages available. They will also go through the moving process with you looking at all the costs involved. At Your Move we offer a free initial consultation with a mortgage adviser, they often have access to exclusive rates and deals not available direct from lenders on the high street so make an appointment today.
Once you have figured out how much you can afford to spend then your property search can begin. There’s a great deal of help out there for first time buyers including Help to Buy, so make sure you do your research. If you want to know more about the help available to first time buyers then give your local branch a call. Think about what you need in a property, the area you would like to live in and your commuting times to and from your place of work - moving further away could increase your monthly outgoings and put a strain on your finances.
Saving for a deposit takes time and more often than not, some sacrifices. Those daily coffees, magazines and weekly nights out – do you really need them? Small changes to your lifestyle can have a big impact on your savings. Start recording what you spend each month and evaluate what was necessary and what wasn’t, then next month make sure you cut out the unnecessary spending and save it instead. Your Move have created a handy budget planner to help you calculate your disposable income. You could even have a clear out to generate some extra cash for your deposit. Lastly, it might sound obvious but make sure you have a separate savings account so that you aren’t tempted to dip into it every now and again. In 2015 George Osborne announced the introduction of a Help to Buy ISA which means for every £200 you save the government will add another £502, watch out for more information about this in the coming months or find out more here.
Looking for your perfect property can be a lengthy process, set up property-alerts so that you are notified when properties matching your search become available and keep an open mind. Thinking outside the box can often be beneficial for a first time buyer, maybe moving a few miles away from your ideal location or purchasing a property that needs a bit of work could save you money. When the time comes to start viewing properties, make sure you know what you are looking for and don’t be afraid to ask questions. For more advice on viewing properties take a look at our viewing tips here.
Remember that we are here to help, if you have any questions about any of the schemes mentioned or getting on the property ladder than contact us here at Your Move.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our initial mortgage consultation is free. We will charge a fee between £399 and £999 that is payable on application. The amount we will charge is dependent on the amount of research and administration required. We reserve the right to charge a subsequent fee of £99 for each further application that may be required.