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Purchasing your first home can be a very daunting task. There are plenty of potential pitfalls and, as it is your first time, there are a number of intricacies involved in securing your dream property. With the price of houses in England found to be an average of £309,000 in September 2024 by the Office for National Statistics, it may also seem like an impossible option financially. Fortunately, we have a number of tips and advice that, if followed, could help you to get your foot on the property ladder. So, what is the best way to purchase a home as a first-time buyer? What are the top tips?
To purchase a home in the UK, following the advice below could help you to secure a mortgage and take the first step to homeownership:
Keep reading to find out more about the buying process and learn our top tips for successfully securing a mortgage for the first time.
If you are currently renting a property, it can be extremely difficult to see any way to escape the monthly rental bills. The financial investment for purchasing a home is often significant but, by following our first-time buyer tips below, you can take the first steps to securing a suitable mortgage.
It may sound obvious, but the more time you spend saving money to put towards a house deposit, the easier it will be to secure a suitable mortgage. This could mean opening a savings account such as an ISA: a bank account which allows you to earn interest on your savings without paying tax on it.
When you are purchasing a house for the first time, the entire buying process may be entirely alien to you. There are various documents, applications and nuances to the process of securing a mortgage. With the help of an experienced professional, you can receive detailed guidance, as well as access to mortgage deals that are not available on the open market. A mortgage broker can also point you in the direction of the lender that is best suited to your particular circumstances.
Before you start applying for a mortgage, ensure that you have conducted detailed research into the areas you are considering, including the average cost of housing. This can avoid any disappointment you may feel if you find a house which you love but are unable to afford.
When applying for a mortgage, lenders consider a number of factors relating to your finances. For example, if you have a poor credit score, this will impact your chances of being approved for a mortgage. Similarly, if you have not been in full-time employment for over six months when you apply, this too could negatively affect your chances. Consider making it a priority to improve your credit score and secure full-time employment before you start applying for a mortgage. You can request a copy of your credit report using online tools such as Experian.
To improve your credit score and increase the likelihood of your mortgage application being accepted, consider the possibility of paying any outstanding debts you may have.
There are a number of schemes that are designed to help first-time buyers to enter the property market. These include:
You may be wondering how you can save for a house deposit or what the first steps you can take are. If you are wishing to buy a home outright, it is also important that you consider the terms of a mortgage agreement including length and monthly cost. In the 12 months to September 2024, the Office for National Statistics found that UK house prices were £292,000 on average. In England, the average house prices were even higher at £309,000.
To find out roughly what your monthly costs will be for mortgage repayments, try using our quick and simple affordability calculator below. Simply enter a few details to see the size of deposit and mortgage you can reasonably afford to pay.
To afford the current price of UK homes, you may have to make some personal sacrifices in your budget. Consider reviewing your standing orders to cancel any memberships or subscriptions you can do without.
It may also be possible to speak to a family member to see whether they would be able to supply you with financial support when covering the cost of a house deposit. After all, the bigger your deposit the better your mortgage terms will be. Alternatively, there may be someone else who is in a similar situation financially that you could join forces with to secure a home. Find out more about available finance options by contacting us today.
Buying your first property can be daunting, but with the help of the expert team at Plumlife, we can guide you through the entire process. We offer a range of properties that are available on the Shared Ownership and Rent to Buy schemes, so there has never been a better time to take the first step towards homeownership. Speak to a member of our team today to find out more.
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