May 13, 2024

Five financial wellbeing tips when getting on the property ladder

Here are some tips…

✨ Choose your advice carefully

Family and friends may not be properly informed to advise you correctly, and following too many experts online can be contradictory and misleading. Choose an adviser who is qualified, regulated and trusted (i.e. check their Google reviews).

✨ Stop the hypothetical decorating

Moving house is one thing. Buying furniture and planning renovations and paint colours is another. Take each step of the home buying process one aspect as a time. Taking on too much all at once can add to the overwhelm!

✨ Get organised with paperwork

Your mortgage adviser will talk you through the paperwork you need. If this isn’t prepared for the lender when requested, can cause problems and delays - not just for you, but for everyone in the chain (if there is one). The sooner you can get organised the better.

✨ Budget

Pulling back on your spending to add to your deposit, saving for your emergency fund and planning your budget to ensure you can afford your new home is a lot to consider. We don’t want you to leave yourself too strapped each month.

✨ You can’t do it all

Get help where you can. Not just for the mortgage and protection advice, but also the physical aspects. Ask friends to help you pack boxes, consider using a removal company, and ask loved ones to take care of your children on moving day. Take some of the weight off from yourself.

It’s a daunting yet exciting time, after all, buying a property is likely going to be the biggest investment you’ll ever make.

If you know a first time buyer, share this post with them!

Willow Tree Financial Services are a Financial Adviser based in Polegate, East Sussex, UK. We specialise in Financial Planning, Mortgages, Investments & Pension Planning, Protection & Insurance Wills, Trusts & Estate Planning.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

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