You’ve reached that last hurdle as a first-time buyer and you’re almost ready to take the final leap to become a homeowner. There are a few things you’ll need to be aware of in your final year of saving for a house. But don’t worry, we’ve put together a handy guide on what to expect during your final year of saving for a house. This way, you can relax knowing your first home is just around the corner. Check it out.

You might be tempted to dip into your savings

Let us stop you right there. You’ve worked so hard to save up for your first home, why give up now? If you find you’re tempted to dip into your savings, whether it’s for a new outfit or a new mobile phone, persevere and you’ll be grateful for it in the long run. 

You might start to worry about your credit rating

It’s common for first-time buyers to worry about their credit score. After all, it has a great impact on the mortgage deals available to you. Instead of worrying about your credit score, there are certain steps you can take to improve your credit score for the best deals. From getting on the electoral roll to getting a credit card, take a look at these 5 ways to improve your credit score to put your mind at rest this year.

Are you owed any government bonuses to help you save?

If you’ve saved your money in a Help to Buy ISA, your 25% government bonus will be paid once your house purchase has been confirmed. If you invested using a Lifetime ISA instead, you should have already been receiving monthly bonus payments and you can expect to receive more of these throughout your final year. This is as long as you haven’t exceeded the eligible amount of £4,000 per year.

Don’t forget, you’ll need to enlist the help of a solicitor to access any government bonuses. The government will first transfer the bonus to your solicitor, who will then transfer it on to you. We can help with this. As soon as you’re ready to claim your bonus, simply contact one of our first-time buyer solicitors to get the ball rolling.

If you’re yet to invest in the Help to Buy ISA, check out our guide on whether or not it’s worth investing before the deadline on November 31st. 

It will soon be time to start looking for your first home

Once you’ve got enough moved saved up for a deposit, you’ll no doubt start looking for your first home right away. Check out our guide on the right time to buy your first house, so you can be confident you’re definitely ready.

How long is the process of buying a house?

On average, it takes around 6 months to buy a house. However, this varies depending on circumstances, so it’s best to start preparing as soon as possible in your final year of saving.

To help you out with your house search, we’ve created a home viewing checklist for you to download and take with you to your house viewing. Check it out! 

House viewing checklist

ET law infographic home viewing checklist


Our first-time buyer solicitors can help

Buying your first home can seem daunting, but our professional first-time buyer specialists can help you out. From carrying out property-specific checks to helping you obtain your government ISA bonuses, our solicitors can help your final year of saving for a house run smoothly.

For help with buying your first home, call us today on 0161 865 2673 or fill out the form below and one of our specialists will be in touch shortly.

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