We can’t shout about this enough, first-time buyers, you really must start saving for your deposit as soon as possible! Yes, the government has announced that they are offering 95% mortgages with only a 5% deposit needed, but this will not always help us out. With the amount of money, first-time buyers can receive on a mortgage being considerably lower. Even with a 5% deposit houses can still be unaffordable for the first-time buyer market.
This is exactly why you need to save as much as you possibly can for your first deposit. With you only being offered roughly 4 times your annual wage on a mortgage, it can make it difficult to move out. We highly recommend that if you are thinking of moving out save as much as you can! Stop with the unnecessary spending and start saving as much money as you can.
First-time buyers tend to forget how expensive purchasing a house can be. With you needing a considerable deposit to purchase a house. As well as needing money to cover solicitor fees, furniture and decorating money. It is an extremely expensive time, so you must save as much money as you can.
We are fully aware that with the national lockdown we are currently in, it is difficult for some people to be saving. With some people losing their jobs, meaning they have no income. But if you are one of the lucky ones that still have an income, save as much of it as you can! Saving your money will make your house moving process as smooth as possible.
Always consider what you need to be spending your money on. If it is not necessary, consider dropping the spending and placing it into a savings account instead. Remember to save, and save as much as you possibly can before you move out!