Top tips on how to get on the property ladder

The average house prices in the last 12 months have officially hit the £300,000 threshold, in fact, the exact figure according to Zoopla is £329,407. Although the stats for house prices in our local area are somewhat lower it’s still good to have some additional help and advice if you’re trying to get on the property ladder in 2022.

To put things into perspective we have listed some of the areas that we cover along with their average house prices over the past 12 months.

Caerleon £245,434

Blackwood £184,517

Cwmbran £203,667

Newport £208,936

Pontypool £180,238

Whether you’re looking for your first home on your own or with a partner these handy tips will give you a helping hand on the property ladder.

Be realistic about what you can afford

Whether you’re on a single salary or dual-income being realistic is essential. You will need around 5-10% of the property’s value to get a mortgage, your mortgage advisor will be able to discuss deposits with you in more detail. In addition to the deposit and monthly mortgage repayments, you should also set aside funds for other costs such as solicitor’s fees and home improvement costs.

Look into saving schemes

The government has grants and schemes to help you build up the cash you need for a deposit. As a first time buyer, the first £300,000 of a property is usually exempt from stamp duty, other schemes include the government’s Help to Buy scheme, where you receive an equity loan worth up to 20% of qualifying new-build properties.

Budget yourself and build up your credit score

It’s never too early to get your finances in order and improve your credit score. Before you being your search for a home you should register on the electoral register, pay your bills on time, keep your credit card balances low and close old accounts. Your mortgage advisor will be able to give you further advice on your specific finances.

Consider shared ownership

If you’re struggling to raise the appropriate funds to purchase a property you can look into shared ownership schemes that are often run by local authorities that can be exclusive to first-time buyers. Our Sales Team will be able to offer advice on properties that offer such schemes.

Get professional advice

Our Mortgage Advisor, Kyle, offers face to face appointments to discuss any questions or concerns you may have about getting a mortgage. Speaking to a mortgage advisor allows you to avoid making any expensive mistakes as well as being able to find you the best deals for your circumstances.

If you are looking for your first home in Newport and the surrounding areas, contact our team who will help with your search on finding the right mortgage and perfect property for you.