Tips For First Time Buyers To Help Get Them on the Property Ladder

19 July 2021

Buying your first home can be extremely daunting, especially due to the amount of money involved in the process.

Here are some tips for jumping on the property ladder..

1. How To Save for a House Deposit

Your deposit is often the biggest hurdle you will face as a first time buyer. Here are two steps that can help you save your deposit:

Moving back home with a family member or parents while you save for your deposit means you will save money on private rent and bills. Even if you pay a low rent to your family members you will still save money while there.

Renting a room in a house share rather than a property on your own – bills in Houses in Multiple Occupation (HMOs) are usually included also, this makes budgeting a lot easier.

2. Saving For a House on a Low Income 

Saving for a deposit on a lower income may take longer, however if you break it down it can seem far more realistic. 

Set monthly amounts you can afford to stick to when saving and make sure you try and stick to them. Sacrificing morning coffees or buying lunch out can help you stick to saving goals. By putting aside a set amount of money each month plus any additional money you can afford, you’ll see your deposit start to rise quick!

3. Reduce your Bills

If you are renting a flat or property, your bill payments and rent will almost definitely be your biggest outgoings, therefore if you save money on these you will be able to save more towards your deposit. 

Try to:

4. Pay Off Any Debts

Outstanding debt can affect the amount you can borrow from a mortgage lender for purchasing your own home. Attempt to get credit and store cards paid off before you start looking into mortgage options.

This will not only increase your borrowing potential but it will also show your potential lender than you are sensible when borrowing money. 

5. Credit Score

When you first apply for a mortgage, your potential lender will assess you with a credit score. Your credit score helps your lender decide if you are a suitable person to loan money to, therefore a healthy score can make the mortgage process easier.

You can always access your credit report at any time and you should do so before applying for a mortgage. If your credit score needs improving, make sure you are keeping on top of paying bills such as your mobile phone contract and broadband in full and on time. Missing payments can have a huge negative impact on your score.

6. Boost Your Income

Even if you have a full-time job, there are other things you can do to boost your income and save quicker.

Why not try:

 

7. Car Finance

Having a car on finance will affect your mortgage borrowing ability as it is classed as debt. Car finance is also a regular monthly payment that could affect your saving ability, perhaps consider buying an older car for cash if you have the money as this could help you save in the long run.

8. Be Patient and Don’t Rush In to Things

Getting in a position to buy your first home can take time so remember and be patient. It is always better to be in a good place financially instead of rushing in or borrowing more than you can afford as this can result in future problems. 

9. Future Value

It is unlikely your first property will be your forever home, so think ahead and buy a property that will help you take a further step on the property ladder in the future. Purchasing a house that will sell easily and is likely to raise in value will mean a quicker route to your next property when you decide to buy again. 

Always remember, buying a property close to good schools or east transport links such as railway stations will, more often than not, place a premium on your property’s value compared to others.

2021

How much can I afford to borrow? 2021-10-20 Nine Steps to Selling Your Home 2021-10-18 Climbing the Property Ladder 2021-10-11 Fire Alarm Laws are Changing in Scotland 2021-09-27 Research You Should Conduct Before Buying a Property 2021-09-20 The LIFT Scheme and How You Can Use It To Buy a Home 2021-09-17 The Latest Scottish Government Guidance on Property Viewings 2021-09-10 NORMAL SERVICE BEING RESUMED IN A BUOYANT HOMES MARKET 2021-08-31 Should You Refurbish Your Property? 2021-08-18 Preparing Your Home for a Successful Sale 2021-08-13 Mortgage Interest Rates - What are they? 2021-08-09 Helping You Consider the Right Location for Your Next Move 2021-07-26 Tips For First Time Buyers To Help Get Them on the Property Ladder 2021-07-19 Scotland's First Home Fund is Closed, What Other Schemes Can Help First Time Buyers? 2021-07-12 Retirement Interest Only Mortgages - What You Need To Know 2021-07-07 How the UK Mortgage Market Has Changed Due to Coronavirus 2021-06-30 How To Boost Your Mortgage Deposit 2021-06-21 New Rules For Fire and Smoke Alarms in Homes Across Scotland 2021-06-17 Preparing To Put Your House on the Market in 5 Key Steps 2021-06-14 How Much Mortgage Can I Get For My Salary? 2021-06-09 How Long Does it Take to Buy Your First House or Flat? 2021-06-02 Is Your House Ready to be Sold?: House Selling Checklist 2021-05-31 What is a Mortgage Agreement in Principle? 2021-05-25 All You Need To Know About EPC Registers and Certificates 2021-05-19 Making the Most of House Viewings 2021-05-12 How the Coronavirus Pandemic has Changed the Priorities of Scottish Home Buyers 2021-05-05 Top Tips on Preparing to Buy a House 2021-04-26 What You Need To Know About Overpaying a Mortgage 2021-04-21 Advice on Buying a Property During the Covid-19 Pandemic 2021-04-14 How the UK Mortgage Market Has Changed Due to the COVID-19 Pandemic 2021-04-13 Scotland's First Home Fund: Applications Now Closed 2021-04-09 Scotland's First Home Fund 2021-04-07 Scottish Stamp Duty Holiday: How Did LBTT Change and When Did it End? 2021-04-06 Property Questions Answered 2021-04-02

2020

Tayside housing market back with a bang 2020-12-10 Digital Guide 2020-05-27

2019

The property market across Scotland - Quarter Two 2019 by SPC Scotland 2019-10-16 LORD PROVOST OPENS NEW-LOOK CENTRE 2019-09-17 The Dundee property market 2019-06-24 A 427 MILLION BOOST FOR THE HOMES MARKET 2019-01-21

2018

Budget Proposals to the ADS Rate 2018-12-18 BUYING OR SELLING GET THE FACTS 2018-08-24 BUYING INTO LIFE ON THE WATERFRONT 2018-08-23 As moving day looms dont panic just prep 2018-05-17 THE BEST OF BOTH WORLDS FOR HOMEBUYERS 2018-04-03 HOME COMFORTS FEND OFF BEAST FROM THE EAST 2018-03-07 V&A DATE MILESTONE FOR THE WATERFRONT 2018-03-02 FLAT SALES EDGE TOWARDS 100 MILLION 2018-01-23 PROPERTY SALES PUSH TOWARDS THE 440 MILLION MARK 2018-01-08

2017

FESTIVE GREETINGS FROM ALL AT THE TSPC 2017-12-19 PUTTING DUNDEE ON THE MAP 2017-11-15 TIME TO BRING YOUR HOME TO THE MARKET 2017-11-01 AUTUMN IS A GOOD SEASON FOR SELLING 2017-10-17 HIGH PROFILE OPTION FOR TOP PROPERTIES 2017-10-09 MARKETING YOUR PROPERTY TO THE MAX 2017-08-21 DO YOU LIKE TO BE BESIDE THE SEA? 2017-06-15 TIME LOOMING FOR A RE-MORTGAGE 2017-06-09 HAS THERE BEEN A BETTER TIME FOR A HOUSE SALE 2017-05-26 TIME TO PUT YOUR FLAT ON THE MARKET 2017-05-04

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