How can I get onto the property ladder?

Getting onto the property ladder is no easy task and with the average age of a first time buyer being thirty-seven years old (Source: MortgageStrategy.co.uk), that is solid proof that it truly is a big achievement to purchase your first property. But what are some important steps to take to be able to get onto the property ladder?

Building your credit score: Having a solid credit score is important when you first start thinking of purchasing a home. There are lots of ways to improve your credit score, such as ensuring you are on the electoral roll, utilising a credit card and paying off the balance in full each month and paying all of your outgoings on time each month.

Utilise the Lifetime ISA: If you are aged between 18-40, you can utilise the Lifetime ISA to save for that first home deposit. The Lifetime ISA allows you to save up to £4,000 per year and the government will contribute 25% of all your savings (up to £1,000). This makes saving a deposit, that little bit easier.

Pay off any Outstanding Debts: If possible, paying off any current outstanding debts will give you a stronger overall position when it comes to the time to secure that mortgage deal.

27/03/2024 – the information contained within was correct at the time of publication but is subject to change.