As the new year, new decade and new you emerges into 2020, your plans for the end of the decade may be something on your mind. For many of us buying our first home is at the top of our list of priorities but getting there is certainly not a clear or straight road.
Whether you’ve already started saving, you’re halfway there or it’s still on your list, knowing what direction you’re going is essential in achieving your goals for the decade.
Saving for the win
If you want to get serious about this whole house buying thing then you have to get serious about saving. As the biggest purchase you’ll ever make, you’re going to need some decent cash in the bank. Forming good saving habits is pretty much the pillar of getting your first home and being able to put down the deposit on the date you aimed for.
From apps that help you budget to shopping at the cheaper grocery store, saving tips take many forms and it’s about finding out where you can cut down your spending and maximise your saving. With plenty of ways to track your expenditure working out where you can cut costs can be fairly straight forward.
With cards like Monzo and budgeting apps like Money Box, you can work out where you spend the most and which days you can save, making it easier to accumulate a larger some in a shorter span of time.
Speaking to a Mortgage Advisor
As a first time buyer you’re probably not an expert when it comes to mortgages and you’re certainly not expected to be! Luckily that’s what mortgage advisors are for and whether it’s the basics you’re looking for, the nitty-gritty and ins and outs or you just need some solid questions answering then mortgage advisors can be a great help.
With fixed and variable rate mortgages, 5,10 and 15% deposits and a whole range of checks to get through, a mortgage advisor can really guide you through the process while giving you some real sound advice when it comes to your finances. So whether you’re looking at shared ownership in Surrey or if properties for sale in Brighton are more your thing, arm yourself with some decent background knowledge before you tick the box and sign the page.
Boosting your credit score
If you haven’t already made a start on this, then make one right now. You’re simply not going to get a house without a credit score that proves you can be trusted with lending so beginning to boost the numbers now will mean in time you’ll be trusted more, you will be lended more and you’ll be able to buy a higher valued house. You can start boosting your score by taking out a credit card and using it regularly while paying it back regularly. Having a phone contract can also help get the numbers up and joining the electoral register is also a positive way to improve your score and you can do this regardless of whether you live in shared accomodation or with parents.
So whether you’re looking at buying a home by the end of the year, the end of the decade or you’re only just learning the ropes, taking your first, next or final steps now and focus your goals for 2020!