The break between Christmas and New Year leaves many of us thinking about new beginnings and goals we want to set for the year ahead. If one of your goals for 2024 is looking to purchase your first home but you have no idea where to start, then you need to read on.
Understand your budget: With all the downtime it’s a great time to begin to understand our budget. What can you afford? You can speak to a financial advisor in the New Year; however, you can give yourself a head start by noting your income, debts, savings and expenses.
Credit score: You can check you have a healthy credit score online. You will need to achieve a good credit score, so mortgage lenders don’t need to worry about lending you money.
Set a budget for saving: Now that you have the figures you can start saving. Every first time buyer must start somewhere, so calculate how much you can put aside each month. If you have been saving, then you’re probably ready for the next step…
Mortgage Options: Speak to a mortgage advisor for the best advice for you.
Decide on your location and research: Now that Christmas shopping is over you can start to look at areas, developments and properties. Housing associations that offer schemes such as Shared Ownership for first time buyers or private developers are always a great starting point.
Check out our Buyers Guide here for more top tips.
