First Time Buyers Guide: Tips for Getting on the Property Ladder

Buying your first property is a big step in life. From little things like knowing where to find houses for sale to figuring out how much you need to save as a deposit and how to secure a mortgage. And that’s before you even get into the more complicated matters like a Help to Buy ISA or all the important paperwork you need to have at hand.

To help you get to grips with everything and make your journey to homeownership smoother, here are some tips for first-time buyers looking to get on the property ladder.

Start Saving Sooner Rather than Later

No matter how you look at it, the sooner you start saving the quicker you will be able to get on the housing ladder. Regularly saving each month will allow you to build up enough to eventually put down a deposit.

Of course, this level of saving means that you will have to start by cutting down on some of the luxuries you currently enjoy. From daily coffees to those Friday night takeaways, little luxuries can all add up when it comes to saving money and you’ll be surprised by how much you can put into your savings each month by temporarily cutting out these treats.

Know Your Limits

When it comes to getting on the property ladder, the first mistakes many prospective buyers make is not setting a strict budget to work to. By not setting a limit on what you can afford to spend, you can make it far more difficult for yourself to find a property. Having a budget allows you to narrow down the size of the property you will be able to afford, along with which areas fall into your budget.

Make the Most of Help to Buy

Although you don’t have long left to take advantage of the Help to Buy ISA, if you can you should seriously look into opening one before the deadline. Introduced a few years ago by the Government, the Help to Buy ISA means that you get a bonus of up to £3,000 towards the cost of your home, depending on how much you put into the account each month.

Invest Together

Going at it alone can make getting on the property ladder far more difficult than it needs to be. The solution? Buy a house as a joint venture, either with your partner, a friend or as a business venture. As long as you have a clear agreement with the other person, this will make it twice as quick to save your deposit, and you will have twice the income to present when requesting a mortgage.

Remember to Talk to a Mortgage Broker

Buying your first property can be a confusing and stressful process, which make it all the more worthwhile to seek the advice of an expert. Making an appointment with a mortgage broker will allow you to ask any questions you have and to talk through your main concerns.

A broker will also be able to check all your documents and advise you on anything you are missing, breaking down the entire home buying process step-by-step. This can all take a big weight off your shoulders as you can rest assured that you are doing everything correctly.


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