Contribution sharing tips for first buyers on how to get onto the property ladder in the UK.
Buying your very first home can be both an exciting and daunting experience. With so many factors to consider, each as important as one another, it’s no surprise that it can be a challenge for many.
However, there are lots of things that you can do to make getting on that housing ladder a little bit easier. Here, we’ve put together a guide explaining some of the options that are available to first time buyers.
Pay off any debts you have
When preparing to buy your first property it’s important to get your finances in order first. Streamlining your finances will improve your chances of getting approved for a loan and allow you to qualify for a low interest rate and larger mortgage amount. Paying off your debt will leave you in a much better position, reduce stress and make you feel more organised. If you need help with this, consider getting yourself a loan – you can consolidate all your debts this way rather than managing several.
Save, save, save
Saving for a house might seem impossible at the start, but it can be done. If you start putting away a lump sum of money every month into your savings account early on, you’ll reach your goal a lot sooner than expected. A monthly commitment might mean going without luxuries or cutting back on expenditure elsewhere but it will be worth it when you have a decent sized deposit to play with.
Speak to a mortgage adviser and work out your budget
It’s important to do this at the very beginning of your house hunting adventure so you know what’s realistic in terms of your budget. When meeting with your mortgage adviser they will look into your income, any debts you may have and the size of the deposit you have available. They can assess how much you can borrow and extend a mortgage offer. Don’t overstretch yourself and focus on properties within your financial reach.
Make sure you have all your paperwork ready and in order
When you’ve had your offer accepted, there will soon be various pieces of paperwork heading your way. Don’t be overwhelmed – just keep it all organised, so it’s available for when you need it.
Be sure to have a copy of your ID and utility bills with your name on so you can share them with other parties when needed. In order to get the mortgage process started, you’ll need to instruct a solicitor, which means more paperwork and admin. Just be prepared for a constant flow of information but don’t be intimidated.
Be patient
Buying a house is never a quick process and it might take several months to find the ideal property for you. The transaction can also take quite a while too. It’s one of the biggest financial commitments you will ever make in your life, so be patient and try not rush anything. There will be periods when, however much you try, you can’t speed things up.
Take these tips on board and hopefully the process of buying your first property will seem that little bit easier.
