- Our family have been renting for several years and we would love to be able to buy our own home one day. Are there any ways that we might be able to reach our goal sooner rather than later?
- Unfortunately there is no magic wand solution but we do have some helpful tips that may see you on your way that little bit quicker.
Talk to a mortgage adviser
Whether you have just started saving or are ready to buy your first home, as mortgage advisers we can search hundreds of lenders to find the right mortgage to suit you and your circumstances. We will be able to explain all of the options available to you and will look at your income and outgoings to establish how much you can afford to borrow and how much you need to save.
Budgeting your money and controlling your income against your outgoings can help you keep on top of your finances.
Making cutbacks doesn’t have to be painful. The easiest way to save is to make sure you’re not overpaying on your gas, electric and various insurances. Finding the better deals can help you save towards your deposit and speed up the process of getting on the property ladder.
Take advantage of government schemes
- Help to Buy Equity Loan – If you are a first time buyer and interested in a new build*, the Government will lend you up to 20% of the cost of your new build home in which you will only have to find the minimum 5% cash deposit
- Help to Buy ISA – If you are a first-time buyer the ISA acts as a savings account; with a few added benefits. If you save £200 a month, the government will boost your savings by 25%, topping it up by £50 each month.
The bank of Mum and Dad
Borrowing from family can be a quick way to help buy your own home years earlier than you would without their help. If family are willing to help, just be aware that there’s a set procedure to follow.
*participating building contractors only