After putting in the years of hard work to achieve your professional goals by becoming a doctor or a dentist, have you decided that 2019 is the year you finally own your own home? If you have, there are steps you can take now so that you’ll be moving house before the end of the year.
This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
The importance of saving and budgeting
Being responsible and saving a portion of your salary will not only mean you’ll have a sizeable deposit when it comes time to house hunt, but you’ll also have taken one of the first steps in proving to lenders that you can plan and stick to a budget. An impressive savings accounts shows you have discipline and will be reliable; that they’ll need not worry about you making your mortgage payments on time.
By establishing a budget and balancing your income and expenditure, your finances will remain in top shape.
Having all your outgoings plainly laid out in front of you will allow you to see where exactly your money is going so you can cut back in areas if necessary. It’s important to remember your budget needs to be realistic though, and over-budgeting is always better than coming up short – if one area of spending comes in under budget, that’s extra savings you weren’t counting on.
Similarly, you’ll be able to see how much your bills are, which could help shed light on whether or not you’re overpaying for a service. There might be opportunity to cut down on some bills if you know there are better deals out there.
Seek and accept help
For many first time buyers, the house hunting process may seem scary or off-putting, but with the help of a mortgage advisor, it doesn’t need to be.
Find an adviser that specialises in first time buying scenarios – they’ll be able to provide guidance, explanations, and recommendations for a product that’s right for you from over the 11,000 products available on the market. They can also review your financial situation and suggest changes that you can make that will help you save money while also managing expectations about how much of a mortgage you’ll realistically be able to afford.
The government offers a number of schemes aimed at helping first time buyers get on the property ladder.
Help to buy equity loans benefit first time buyers interested in new builds by providing up to 20% of the cost of the home while only expecting a 5% deposit.
Help to Buy ISAs are also a great way to get free money (a 25% savings boost) on cash you already planned to save.
Here for you
No matter what stage of the home buying journey you find yourself in, a professional adviser will be able to assist you, so don’t hesitate to reach out to one of us with any questions about the best ways to save for a home this year.
Need help to secure a low-cost mortgage?
Mortgages | Buy to Let | Property | Mortgage Planning |
Dental & Medical Financial Services have been helping doctors and dentists with finding low-cost mortgages for your home and investment properties for over 25 years. Call Chris to discuss your options.
Tel: 01403 780 770