How to get on the property ladder

Homeownership is a dream shared by many, but for most first-time buyers, getting on the property ladder is no simple feat. If you’re among the ever-growing demographic of aspiring homeowners, use these top tips to help you take that all-important first step onto the property ladder.  

Saving for a deposit 

Saving up a large deposit is often the most challenging aspect of buying a property. It’s advisable to save at least 5-20% of the property's value as a deposit, as this will help you secure a mortgage with better interest rates. Set monthly savings goals and establish a realistic timeline to keep yourself motivated and on track. If you opened up a Help-to-Buy ISA, don’t forget to deposit a maximum of £200 a month, as accidentally missing a month will ultimately set you back. 

Understand your mortgage options 

A mortgage is likely to be the most significant financial commitment you make in your lifetime, so you will need to understand your options thoroughly. You could conduct your own research into various mortgage lenders and compare their interest rates, terms, and conditions, but it’s usually worthwhile to seek professional advice from a mortgage broker who can guide you through the process, help you find the most suitable mortgage for your circumstances, and assist with the application process.  

Seek professional guidance 

Navigating the property market can be complex, especially for first-time buyers. Engaging the services of a qualified solicitor or conveyancer is crucial to ensure a smooth and legally compliant purchase process. They will handle the legal aspects, including property searches, contract reviews, and completion procedures, giving you peace of mind throughout the transaction. 

Patience and flexibility 

Buying a property is a significant life event, and it's essential to remain patient and flexible throughout the process. Be prepared for delays, setbacks, or unexpected changes. Stay positive, persevere, and don't rush into any decision you may later regret. The right property will come along if you stay focused on your goals and maintain a proactive approach. 

Contact us 

Are you itching to get moving into your first home? Get in touch with your local Guild Member to start your search.