1. Get savvy with your savings
house purchases you need a minimum of a 5% deposit to secure a mortgage on the
property. If you’re struggling to save, write a list of all your outgoings and
look at any non-essentials you might be able to cut out. If you are currently
renting a property, can you move in with a family or friend to help you save a
bit more? The bigger deposit you can save, the more affordable your mortgage
There are a number of schemes available
on the market to help first time buyers get on the property ladder. Here are a
few of the most popular options:
Help to Buy: Through the scheme, first time buyers
can apply for an equity loan from the government that you put towards the deposit
on a new home. You need to put down at least a 5% deposit and you can borrow up
to a maximum of 20% of the full purchase price of a new-build home. A mortgage is
required on the remainder of the purchase price.
Shared Ownership: A part-buy part-rent scheme, buyers
can purchase up to 75% share funded by cash or a mortgage. Rent is then payable
on the share you don’t own.
Once you are in a position to buy, it’s
advisable to speak with a financial advisor in order to establish what you can
afford to spend on your new home. Many home buyers choose to apply for a
mortgage before finding a property and receive a mortgage offer. This is
confirmation that your application for a mortgage has been checked and
approved. By doing this, you will be able to reserve your dream home as soon as
it comes to market, confident in the knowledge that you can finance the
can sometimes sell within 48 hours of going on the market, so you often need to
be quick to secure your new home. We recommend you research thoroughly the area
in which you want to buy and register your interest with your chosen development
early so you’ll be the first to be notified once plots are released for sale.
Some of our popular developments have nearly sold out ‘off plan’, so it’s
important to be prepared.
out for those incentives
There are a range of helpful incentives
available on new homes to help first time buyers. From 12 months mortgage paid
to deposit contributions, be sure to phone the development or check the website
regularly to ensure you don’t miss out on any opportunities.
learn more about Kier Living and how we can help you get on the property
ladder, book an appointment at your nearest development and see how we can help
get you moving. We
also have a number of First Time Buyer Guides which you can read here.