If you’re buying a home on one salary, either as a one income family or as a single applicant you may think your options are limited. Whilst you may need to work harder to get the finances you need in place, with planning preparations you’ll put yourself in the best possible position to get into your new home.
Follow our top tips for buying your own home, if you’re single or buying with one income:
Save, save, save
Saving for your first home can seem like an endless and thankless task, especially if you’re buying on your own, but stick with it as it will pay dividends in the end.
The bigger deposit you have, the more attractive your business will be to lenders. The more equity you have, the lower risk you represent. A larger deposit also means you will have a lower LTV (loan to value), which in turn will give you access to a wider variety of mortgage deals.
Be realistic about your borrowing
We can all get carried away when it comes to buying consumer goods, but when it comes to buying a property it really is important to make sure you consider your limit and stick to it.
Look at your budget, and consider how much you can comfortably pay each month without forgoing your other necessary expenses.
A lender will advise you regarding the maximum amount you can afford to borrow, it doesn’t mean you actually need to borrow that much. Give yourself some flexibility, and be realistic about what you can comfortably afford on your own.
