Five top tips for getting on the property ladder

22nd April 2021

Taking that first step on the property ladder can be an exciting, but sometimes daunting, prospect. Here are our five top tips to help first time buyers looking to make their home ownership dreams a reality.

Five top tips for getting on the property ladder

1. Get savvy with your savings

With all 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 will be.  

2. Consider mortgage schemes

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.

3. Get mortgage ready

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 property.

4. Know your market

Popular houses 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.

5. Look 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.

To learn more about Tilia Homes 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 movingWe also have a number of First Time Buyer Guides which you can read here.