The Diary of a First Time Buyer... Part 1

It was heart breaking the day we had to pack up our belongings and move. We loved our first home; it was the perfect size for the two of us, and in the perfect location. Unfortunately, we didn't own it, we were renting, and even if we had the funds to buy a property, we wouldn't have been able to afford this one. 

Don’t get me wrong, there is nothing wrong with renting. A year ago it was the perfect solution for us, as we wanted to live in Exeter City centre, an area we just couldn't afford to buy in, and renting offered us the flexibility that a mortgage just couldn't. We were also able to experience the costs of living away from home, without the financial commitment of a mortgage. But now the time was right to buy a home of our own, something we had always considered more a dream than a reality. 

So after a year of renting, we decided to move back in with our parents, and make the courageous decision to save, save, save, in order to be able to take our first steps on the property ladder. I met up with independent financial advisor, Sharon Cowley from The Mortgage Guy, for free financial advice. She kindly explained to me about mortgages in a way that was in-depth yet easy to understand. She also helped me put together a plan by looking at our finances and letting us know what we can afford and how much we needed to save.

Luckily, because of two good credit ratings, we were able to aim towards a 5% deposit. Obviously, I wish we could save more, and a larger deposit would mean slightly lower monthly repayments, and possibly a better interest rate. But time really is an issue with us and a 5% deposit means we can be on the property ladder a lot sooner. Besides, even with a 95% mortgage our repayments are estimated to be lower than what we were paying out a month in rent!

Sharon estimated that we would need to save around £10,000 in order to purchase our house and pay for the relevant fees. So we set ourselves the target of saving, finding and buying our first house before Christmas 2014. That shouldn't be too difficult….

Thinking of buying your first home? Talk to The Mortgage Guy, for free advice and guidance which could help you take your first steps towards getting on the property ladder. 

Call: 01626 261020 |  Email: sales@ftbic.co.uk

Continue your property search with The First Time Buyer & Investor Centre here...