Finance Specialist Advice: Our Top Tips for First-Time Buyers

At Finance Remedy we’re here to make the entire process easier for you. We’ll turn the confusing and stressful abundance of information you absorb into a clearcut and exciting plan. This blog post is designed to provide a light introduction to the property market and some top tips for first-time buyers.

Make sure you’re benefiting from any savings accounts currently available so you can be saving as effectively as possible. Different ISAs have different requirements and intricacies, so find out what works best for your financial situation, time frame and objective.

A savings account will pave the path towards the specific scheme you want to go for. There are a plethora of schemes out there so you will want to know what you’re dealing with — even if it’s only a rudimentary understanding — so that when a financial specialist breaks it down for you, you can get to grips with it quicker. 

Be it the Right to Buy scheme, Guarantor mortgages, a Shared Ownership plan, or another route, there are several paths available for first-time buyers, so look into the pros and cons of them all — maybe you’ll discover something you never knew existed.

If you have any doubts or want anything clearing up, seek independent mortgage advice from finance specialists that know the property market inside out, rather than reading into what is banded around in the press or via word of mouth. 

The plight of first-time buyers has and always will be a hot topic in the media. It’s natural for house prices to shift, but it’s rarely predictable. House prices don’t seesaw annually, and getting on the ladder has never been easy, so if you’re ready — personally and financially — nothing should stop you from taking that first step. 

Properties available before and after the events of 2020 have only dropped by a couple of per cent. Other than minor issues with visiting properties, now is not a worse time to buy than any other. In some cases, banks are offering mortgages that cover up to 95% of a property’s value, so if the 5% cost of the property you have in mind is affordable now, don’t procrastinate.

Having a plan from the offset is always necessary in this case. Establish a mutual objective and see how things could benefit you and whomever you choose to buy with. You may have to consider how you’d divide the property, and this might need some meticulous planning if the shares are different, but it’s a wonderful way of taking some of the weight off of your shoulders and getting on the property market.

Family can always help without actually having to provide financial support. Your parents’ savings — for example — can often be used to support a mortgage application, and the money won’t ever leave their pockets. It gives the lender greater security and gives you a better mortgage rate.