25/11/2021
First Time Buyers ✨
Taking your first step onto the property ladder can seem like a daunting prospect, especially considering that a typical deposit is usually between 10% and 20% of a property’s value.
If you are a first time buyer, our useful tips on how to get on the property ladder could help you make your dreams a reality sooner than you think!
- Start Saving Early
The sooner you start saving, the sooner you’ll be able to get your foot on the ladder. And not only that, but the earlier you start saving, the more it will become a habit, meaning you’re less likely to take lump sums out of your account for impulse purchases.
- Stay With Your Parents if you can
It can be tempting to move out and be independent at the very first opportunity, and of course, that’s not necessarily a bad thing.
However, if you’re serious about owning your own property, then forking out at least a few hundred pounds a month on rent is not the best idea.
- Be Realistic and Flexible
It’s unlikely that your first property will be your dream home, or your forever home, and the location might not be your first choice either. However, if you’re serious about buying a property, there needs to be some room for compromise.
- Speak to a Mortgage Advisor Before you View any Properties
When you’re in a position to put down a deposit, arrange meetings with a couple of mortgage advisors to find out exactly how much you can borrow.
Mortgage calculators on banking websites aren’t always an accurate indicator, and you may be able to borrow slightly more or less than you think.
- Save Your Money Wisely
Keeping your savings in the right place can make a big difference to the time it takes to achieve your deposit. Consider opening a Lifetime ISA. These accounts allow you to earn a 25% annual bonus from the government up to a maximum of £1000.
So for every £1000 you save, you’ll receive a £250 top up until you reach the maximum savings amount of £4000 per year.
Lever & James Estate Agents are your local property experts for the Reigate area. We can also recommend mortgage experts to help you with your finances.
Call us on 01737448021 or email [email protected].