First time buyers property buying advice
As the average house price increases out of the reach of most first time buyers' mortgage budget, it's becoming harder and harder to get on the property ladder.
However, with a bit of forward planning (and a large dose of luck!) you can find yourself buying a property for the first time.
Affording buying a property for the first time
Location should be your first consideration when looking for a property. If you are renting you can become accustomed to living in areas that would be out of your financial reach were you to look at buying there. Look at areas on the outskirts of popular areas as these often develop over time.
Buying with a partner or friend, is another way to boost your mortgage and therefore afford your first property. However, entering into buying a property for the first time is a big commitment so make sure you able to live with the person or people first. Renting together is a good idea. Another issue is what happens if one of you decides to move, is unable to make the mortgage payments, loses their job or even dies. It is strongly advisable for first time buyers to discuss options with your solicitor who will be able to draw up a contract to deal with any evenuality.
Saving for a deposit is essential for first time buyers. Although 100% mortgages are often available, first time buyers should aim for between 5% and 10% of the property price, therefore reducing the monthly mortgage repayments.