Flying the nest - Top ways to get on the property ladder

When you’re first thinking about buying your first home how you go about getting the right mortgage is just as important as searching for the right property. Firstly, you need to be realistic about the kind of loan application that are going to be successful and, secondly, you should look at ways to make it comfortably affordable.

Unfortunately the age of the 100% mortgage is past and the best you can hope for these days is a loan for 95% of the property’s value. This means that you’ll need at least a 5% deposit and with the average cost of a first home estimated at being around £170,000 that’s £8,500 you’ll have to find.

Add solicitor’s fees, Stamp Duty, the cost of a survey and fees that the mortgage lender will charge and it means that you’ll need quite a sum put by just to get started. Don’t be disheartened though. There are several ways that you can ease your path to becoming a home owner, even if you don’t have a lot of savings.

For example, take a good look at all the mortgages that are available and don’t immediately be swayed by the one that seems to be offering the best headline deal. It’s a good idea to consult the Government’s Money Advice Service website which will give you some valuable pointers about how to look for the best mortgage for your needs, whether this means searching for yourself or using an independent mortgage adviser who’ll know all about the best deals at the time.

The Government also offers a number of help to buy schemes which include equity loans. You still have to raise a deposit of 5% but the loan will cover up to an extra 20% of the purchase price. By being able to pay a total deposit of up to 25% it may also open up a far wider range of mortgage deals for you.

Many housing trusts and other organisations also offer shared ownership schemes in which you part buy and part rent a property. You can find what’s homes are available on this basis in your area through the Share To Buy website.

And, of course, let’s not forget that old standby that’s seen countless people move into their very first homes – the Bank of Mum and Dad!

So while no-one could deny that buying your very first home is a daunting financial prospect, there are ways and means that you can achieve it. All it takes it some careful planning – and some dedicated saving – and before you know it you could be picking up the keys from the estate agent and getting ready to move in.