Financial tips for first-time buyers

If you haven’t yet taken that leap onto the property ladder, the thought of the process to get there can seem daunting and extremely expensive. Here are some top tips regarding your finances to think about before you take the plunge.

  1. Consider your current assets such as savings, income and how much money is going out. This can include expenses such as food, clothing, travel, socialising, membership, phone bills, holidays, credit card payments and finance agreements etc.
  2. If you’re a first-time buyer in England or Northern Ireland, you will pay no Stamp Duty on properties worth up to £300,000. This means if you are a first-time buyer, you will save up to £5,000. For properties costing up to £500,000, you will pay no Stamp Duty on the first £300,000.
  3. You should factor in costs such as having a mortgage advisor, any charges associated with the mortgage, solicitors fees and possibly having to pay for a surveyor.
  4. Always think ahead to make sure you can afford the bills once you are in the property. Likely monthly bills are the mortgage payment, building and content insurance, utility bills, broadband and TV license. If you’re buying an apartment you will most likely be expected to pay a yearly service charge and ground rent.
  5. Remember, that anything can go wrong whether that’s during the buying process or after. It’s a good idea to have a little spare in case of emergencies.

If you are struggling to save for a deposit, the governments Help to Buy scheme may be able to help. Providing you have 5% of the purchase price in deposit money, the government will lend you up to 20% of the purchase price, meaning you only have to get a mortgage on the other 75%.

Fortitudo has many apartments available with Help to Buy in Poole, Bournemouth and Havant, helping people get onto the property ladder. For more information visit fortitudoproperty.com.


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