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How first time buyers can afford their first home!

10 November 19 Author:Michelle Gaffaney

There can be many hurdles when it comes to buying a home! However, with some research, creativity, and flexibility you should be able to overcome these!

With soaring house prices, a pound that doesn’t go far, and less available property home buyers face some tough challenges when trying to buy a new house. Many first time buyers are having to live at home for longer now then ever before. However, if you make yourself more flexibility and get creative with your finances, their are ways to achieve home ownership sooner then you think.

Your options and your credit score

The first step to find out if you can afford a home is to figure out what financial options are available to you. This includes finding out what mortgages you are eligible for and how much of a deposit you can afford and need. To do this you need to understand your credit score and what the minimum score is that the mortgage lenders require.

Most first time buyers have no idea how much they could have to put down on a home, or what the minimum deposit is they may need, or what help there is out there for them, such as government schemes. This is where plenty of research or a financial adviser is key!

Before you even start to think of saving to buy a home, you should find out what your financial resources are, and if you are eligible to buy.


Make enough money to be able to save

With less resources to pull from these days first time buyers face tough financial headwinds. Generally two incomes would be needed but it isn’t  impossible on a single income. You need to get money savvy, look into schemes that can help, streamline your outgoings, and even take on a second/mutliple income/s if possible. There are a variety of ways to get that extra bit of cash to put in your savings speaking to a financial adviser will help you get clarity and focus with your finances.

Save enough cash

Saving for a deposit on a house can seem like the biggest hurdle when it comes to buying a home, especially if you need a higher percentage to be able to purchase the home you want. There are mortgages available that do start from a 5% deposit though and buyers can get help from other places too, such as their bank. There are various options available now to help, such as government help-to-buy schemes, banks that have help-to-buy savings accounts, and parents can use their money to help their children buy too, in the form of a gift or loan.


Be flexible

It may be that to get on the property ladder you need to be flexible, you may need to put your initial wish list to one side for now and consider homes/locations that are affordable for you now. It can be discouraging when you have a budget of £120,000 and live in an area where the cheapest homes are in the £200,000 plus range. But there is no reason you can’t look at properties for less nearby and then move once you are more financially prepared.

Key Points

  • Understand your credit report
  • Speak to a financial adviser
  • Do your research
  • Know your deposit and mortgage options
  • Know what help is available to you
  • Earn some extra income if possible and streamline your finances
  • Save as much as possible when possible
  • Be flexible – your first property may just be the stepping stone to your perfect home

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Michelle Gaffaney
Michelle Gaffaney - Architectural Director
With a wealth of experience working on a range of projects, Michelle Gaffaney has a passion for design and strong relationships with her clients. Connect with Michelle on LinkedIn