One of the most exciting things in life is being in a position to buy your first home. If you are considering your options and beginning to save for your mortgage deposit, read on for our top tips on getting started.

 

Track Your Spending Habits

This step is probably the most difficult but also one of the most important in saving to buy your new home. If you don’t know where you are at financially, it’s impossible to analyse your situation and work towards your goal. Track and record absolutely everything for a while - the results may surprise you and that unexpensive morning coffee could be adding up to a lot more over time.

 

Banish Debt and Unnecessary Outgoings

It’s wise to try and get your debt in order before you start looking at saving for a mortgage. A certain amount of debt is unavoidable but if you have maxed out credit cards, it would be good practice to try and get these consolidated or paid off in advance of saving for your mortgage. Try to get your unnecessary outgoings down to the bare minimum.

 

Change Suppliers

Are you paying too much on your household bills? It’s worth shopping around to get the best deal on your gas, electricity and other utilities. Even the seemingly unsignificant savings can go a long way towards your overall financial outlook and help towards your mortgage deposit.

 

Record all Savings, Incomings and Outgoings

When you apply for a mortgage, your lender will want to see at least 6 months of statements which include your incomings and outgoings as proof that you are able to take on and manage a mortgage and the repayments. This is not just good from your chosen lenders perspective, it’s a good way for you to get to know your financial situation better too.

 

Check Out Government/Lender Schemes

Depending on your circumstances, there might be an incentive to help you get on the property ladder. Schemes such as Help To Buy offer up to 5% towards your mortgage based on your tax contribution over the previous 4 years. it’s also possible that some lenders might be offering special rates; these can change all the time so it is a good idea to do some research or enlist an expert advisor to help you.

 

If you need some help with buying your first home, we can help. Talk to one of our advisors today.

 

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