5 top tips to buying your first home.

1. Saving for a deposit

One of the most challenging things for a first time buyer is having enough money for a deposit. So it is key to start saving early, especially with the average deposit for a first time buyer in the UK being £61,090 in 2024 according to Halifax.

2. Credit score

Keeping a good credit score is key to being able to apply for a mortgage, so making sure your credit score is good is very important and will often result in lower interest rates on your mortgage. Here is a link with some advice on your credit score: Credit Score.

3. Know your budget

Setting a budget and sticking to it is important as it will make sure you are working within your limits and you are not setting expectations too high.

4. Be mindful when viewing properties

Remember, the asking price is not the same as the value of the property and so it is important to do your own research. Also, you do not want to make your feeling for a property too clear as it can affect negotiations down the line.

5. Consider shared ownership

If a property is currently out of reach, then you could look to shared ownership. This allows a first time buyer to own a share in their home of between 25% to 75% of the value. This will allow you to get on the property ladder and over time you can work your way up to full ownership. Here is more information on shared ownership: Shared Ownership