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Signs you are ready to buy your first house

If you’re not yet on the property ladder, the idea of buying a home can understandably be more than a little daunting.

If you’re feeling unsure about whether or not to take the plunge, here are some of the key signs that you’re ready to buy.

You’ve got a secure job

You’ll need to have a secure job before a bank will consider lending you a mortgage.

If you’re self-employed it can be harder to find a willing mortgage lender, but it’s certainly not impossible - you’ll just need to do a little more research to find a deal that’s right for you.

You’ve saved a deposit

Next, you’ll need a deposit - and generally speaking the more you’ve saved, the better your mortgage rate will be. If you’re struggling to save a large lump sum, don’t worry, there are plenty of options out there. One option is a Help to Buy: Equity Loan; a scheme where the Government lends you up to 20% of the cost of a newly built home, meaning you only require a 5% deposit and a 75% mortgage. This is an attractive option for first-time buyers as there are no additional fees on the 20% loan for the first five years.

Shared ownership is another option, where you’ll only need a 5% deposit as opposed to a deposit of 10% or more of the property’s value.

You’ve found an area you love

One of the greatest advantages of renting is flexibility - especially when you’re unsure where you’d like to settle longer term.

But, if the area you’re currently living in ticks all the boxes - whether that’s a strong sense of community, good transport links or top-rated schools - you can go ahead and buy your first home with confidence that the area you’ve chosen is right for you.

You want to start a family

If you’re thinking about starting a family, buying your first home gives you the added stability and certainty you need.

From painting the nursery to baby-proofing the kitchen, nothing beats being in charge of your own home, without the hassle of running everything by your landlord.

You want to invest in your future

Renting can be soul-destroying, especially as your hard-earned money lines another person’s pockets each month. If you’re feeling frustrated and ready to get some assets under your belt, a home of your own is a great way to invest in your own future.

Most mortgages are 25 years long, so the younger you are when you buy your first home, the quicker you can build up equity. By the time you retire, you may be entirely mortgage free, giving you some well-earned financial freedom and security.

You’ve had chance to chat through your options

Buying your first home is a big decision, so make sure you chat through your options with close friends and family - especially if they are already homeowners themselves.

Weigh up the pros and cons, research your options fully, and most importantly allow yourself to enjoy the homebuying process. After all, you only buy your first home once!

 
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