Attaining your first mortgage can be anxious, daunting, but exciting all at once. It’s the next step in having something that’s completely yours; a property that you can cater your own tastes and needs to.
The steps to owning a property is a long process, but there can be steps taken to make sure that you are in a great position to have a mortgage granted by a lender.
There’s many different paths that are dependent on gaining one, from the career you have, if you have a savings account, to where you live, there’s many variables.
In 2019, the average deposit by a first-time buyer was £46,200, while the average age was 34 years old.
At Rippled we want to make sure that we can be the guide to help you every step of the way. From giving you a target to work towards, to help on certain aspects in saving towards a deposit or the benefits of an ISA.
Here are just a few examples in helping you attain your first mortgage before you embark in the application process.
All mortgages begin with how much the deposit will be. It’s a common understanding that £10,000 should be the goal to reach for one; it gives you a goal to work towards, and in the meantime you can look at how the government can also help in attaining your first property.
In the last decade, they have introduced a variety of schemes in order to encourage first-time buyers, the most common methods have been an ISA (Individual Savings Account). While the ‘Help to Buy ISA’ is no longer available, the Lifetime ISA is, which can still help towards someone’s first mortgage:
Once you have looked into different avenues in saving for the deposit, the next step should be to ask yourself some questions:
These three points are vital in understanding the mortgage you want to work towards. It can help narrow down the property you want to own, while also giving you a long-term goal in how much you need to save up for.
The next step once that goal is met, is to have a chat with a mortgage adviser. This is where we at Rippled can help advise on how to go about securing your first mortgage!
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Your home could be repossessed if you don’t keep up repayments on your mortgage.