First Time Buyer Advice
Published at: 21/02/2018
If you are a first time buyer, or buyers, you may be wondering how you will ever be able to buy your first home.
- How big a deposit will I/we need?
- Will I/we qualify for a mortgage?
- How much can I/we borrow on my/our income?
First off, if you are worried about whether you can actually get onto the property market there are several government schemes to help first-time home buyers buy their own home. These include:
- Help to Buy
- Right to Buy
- Shared Ownership
The following website offers some really helpful information. CLICK HERE.
If you have already been saving up for a deposit on your first house or flat then then you could be in a position to buy right away, and the government's Help to Buy scheme may be able to help you get a property with only a 5% deposit.
There is a lot more information about it HERE.
Finally, if you're just starting out with your savings then a look at Martin Lewis's Money Saving Expert website could be the order of the day. There's enough information there to keep you going for days, which is pretty as as you'll now be cutting back on takeaways, meals out and going to the pub! CLICK HERE.
Whatever route you take don't forget, and we cannot stress how important this is, you are going to need a good credit score. This means paying your credit cards and car loan payments on time, likewise your mobile phone payments if you are on Pay As You Go, and making sure you are on the Register of Electors.
You can check your credit rating by creating an account with any of the following: