Often Christmas is a time that people get together and celebrate, which can lead to many conversations over the dinner table. Maybe you have been thinking of buying your first home or perhaps considering moving to a new home. These things are often, and understandably, put off until the new year begins. So now may be the time to research your options.
If you are looking to purchase your first property, are you ready? It is important that you have all the basics in place for when you come to purchase. For example, ensuring you are on the voters’ roll at your current address, making sure your credit profile is intact, perhaps repaying debts if this is feasible etc. This is not an extensive list but just a few points you should address before you start looking at properties.
If you have been thinking of moving home, have you checked your affordability? If you are looking to move to a higher value property, you need to ensure you can afford the new property including the deposit, the amount you need to borrow and the monthly payments. Moving to a bigger property can also mean higher monthly costs not just for your mortgage but also for life insurance, council tax and other household bills. If you have considered all the above, then maybe now is the time to look for that dream home.
Even if things are in the early stages you could consider starting a savings pot or saving more than you do presently. I recommend you look at all bills that you currently pay and shop around, you may be surprised how much you can save on utilities or broadband when you compare your current arrangement to others. Also, you may be paying for things that you do not utilise anymore such as memberships or subscriptions which you could potentially cancel. All these things can really add up and potentially put you in a better position when the time is right to purchase a property.
It is worthwhile contacting an independent financial adviser to discuss your options, you may find that this year could be the year for you.
Jenny Ennis Cert CII (MP)
6th January 2020