These are some of the steps you can take to help you secure your first home
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00:00It's harder than it's ever been to get on the property ladder, with house prices having
00:05consistently outpaced increases in wages. But there are some things you can do to help
00:09buy your first home as quickly as possible. One thing to do, where possible, is to pay
00:14off any debts. You'll almost certainly be paying more interest on those debts than you
00:18would be getting an interest on a savings account you open. Another thing is to look
00:24at the schemes that are available, for example shared ownership, where you buy a share of
00:27the property, anywhere between 10% and 75% usually, and pay rent to a landlord on the
00:33rest. Another, only available in England, is the First Home Scheme, where you can get
00:38a home for 30-50% less than its market value and you're not paying any rent on the rest
00:44of the property. It's also worth looking at more affordable areas. Obviously house prices
00:51around the UK vary hugely, but even making a small move a few miles away could make huge
00:57difference to house prices. For example, if you're 10-20 minutes further from a train
01:01station that could make all the difference. Another option is to consider buying with
01:07a friend. If there's someone you really get on with, you're not in a serious relationship
01:10but you're looking to get on the housing ladder, it's worth looking at buying with a friend.
01:17Obviously you want to make sure it's someone you really get on with and you want to make
01:20sure you have a good agreement in place and get legal advice just to avoid any issues
01:23down the line. Another option, if your parents are amenable, is to move in with your parents,
01:30whether it's for a few months or a few years. Obviously saving on the rent, whether you
01:34agree to pay them a small amount of rent or it's just helping out with household costs,
01:40but you'll be saving a huge amount and it'll help you save up for your first property sooner.
01:46It's also a good idea to speak to a mortgage advisor to find out what you can afford, what's
01:51realistic and to make sure your paperwork is in order so you've got all your utility
01:56bills and bank statements ready. So if you do find the dream property, you're ready to
02:01move straight away.
02:06And finally, it's worth checking your credit score. You can get a free credit report very
02:11easily and you can check that everything's in order and if you do need to do anything
02:15to boost your credit score, you can take those steps.