Published 17 March 2025
Homes for first-time buyers are the least affordable they have been for many years due to increased mortgage rates having a major impact on affordability. Rapid increases in house prices over the last few years coupled with slow wage growth have caused first-time buyers to require a larger than ever deposit.
Many will need to be saving an even larger house deposit at the same time as coping with the rising cost of living increasing their outgoings.
It’s a difficult situation, but there are steps that can be taken to help people fulfil their homeownership dreams, even in the current financial climate.
Speaking to a qualified mortgage adviser can help you look at all your options and find the right path to securing your first purchase now OR in the near future. They will advise you on the ways family can help too; because the bigger the deposit, the lower your monthly mortgage payments will be each month. The minimum deposit required is 5% of the purchase price on your first home.
You’ll have help with a realistic budget so that you set aside money for solicitors, surveys and moving costs. You’ll know what the financials look like now and make a plan for what might happen in the future. Once you’ve got your first home you’ll want to future-proof it as you never know what’s around the corner. So, you’ll need to budget for a monthly payment for home and personal insurances.
Government changes and COVID have taken their toll on lenders over the past few years and their ability to underwrite mortgage cases in a timely manner. A mortgage professional will be able to find a lender who will offer you the best fit for your own personal circumstances.
For the right help when buying your first home, get in touch with us. No obligation appointments are available in person or via phone or zoom.
Your home is at risk if you do not keep up repayments on your mortgage.
