How to make the most of your money as a first-time buyer, from lifetime Isas to deposit schemes 🏠 Despite recent economic uncertainty, there are ways first time buyers can save for a property
Some lenders also offer their own solutions to encourage home ownership. Nationwide Helping Hand scheme, for example, offers enhanced affordability to first buyers choosing a 5 or 10 year fixed rate, and is available for 5 per cent deposits.
For some, this might not be possible, for example, those with children, but if you can downsize, it could be the change that helps you get on the property ladder.Aside from your deposit, solicitor’s fees, mortgage fees, stamp duty and other costs can all add up when buying a home so make sure you account for all extra costs.
Registering to vote is a simple way to improve your credit score. It’s really quick to do and means lenders can verify who you are.There are still plenty of rates available to those with smaller deposits and while a number of lenders have slimmed down their ranges in recent weeks, they are starting to re-launch some of those deals and in some cases with improvements to rates.
“We talked about buying together for the first time a few years ago but decided to rent together first.” After saving enough for a deposit and getting a offer approved, the friends moved into a two bed home in Lewisham in June this year.
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