Make the first move

Getting your foot on the property ladder is no easy feat – from saving and searching to exchanging and moving – but with a little expert knowhow, finding and buying your first home can be made simple. ON BUDGET It may sound obvious, but working out how much you have to spend on your first home is a good place to start. This will dictate the areas you search in, the properties within your budget and the mortgage you apply for. Calculate your budget by considering your total monthly income after taxes, listing all your monthly expenses and savings, including any gifted money (perhaps from a family member). Next, get an estimate of what your monthly mortgage repayments might look like by answering a few easy questions via the free online mortgage calculator from Halifax – the bank that helps one in five first time buyers. The calculator quickly tells you how much you could borrow and shows how saving for a bigger deposit can affect your repayments. There are no credit checks involved, making it a no-brainer. This will give you a good idea of the budget you are working with for your property search as well as the deposit you’ll need (usually 5 to 10 per cent of the property price).

When it comes to buying a new home, the key is in the details – from choosing the perfect location to finding the right mortgage

Make the first move

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Vital roll Solid research is a must for finding and affording a property

On the up “Family” mortgages can help first time buyers hit the property ladder

To learn more and for full T&Cs, visit halifax.co.uk/mortgages

FRESH START

NO DEPOSIT? NO DRAMA Saving up for a deposit takes time, but you could get on the property ladder faster with the Halifax Family Boost mortgage, which allows relatives to help first time buyers with their purchase. A family member can put 10 per cent of the agreed property purchase price into a three-year fixed-term savings account as security, with interest paid at a fixed rate each year and the money returned at the end of the term if all mortgage repayments have been made. The best bit? Halifax will give your family member £300 cashback on completion of the mortgage to sweeten the deal. AGREE THE FIGURES Ready to push the button? You can apply for an agreement in principle for your mortgage in 15 minutes online or via the Halifax app. So not only can you get an answer on your lunch break, but it can also help establish how much you could borrow when you find “the one”, enabling you to hone your search. Come armed with answers to questions about your income and spending – as well as those relating to anyone else applying with you – and you will get an indication of what you might be able to borrow (a soft credit check is done at this stage, but it won’t affect your credit score). If you are unsure about any part of the process, you can pause to speak to a friendly mortgage expert, and then pick up again where you left off. Once you have your agreement in principle and have found a property, you can start a full mortgage application online, at which point the amount you can borrow will be confirmed.

“I love my flat because of its location in Whitley Bay,” says 45-year-old Chrissy. “Not only is it close to my son’s school and the local shops, but I can see the sea.” Chrissy, an occupational therapist, was working two jobs to save a deposit for her first home when her dad spotted the Family Boost mortgage from Halifax, and offered to help. “It meant my family could help me while knowing the money will be returned at the end of the mortgage term – plus interest,” she explains. With help from a Halifax mortgage adviser and the online tracker, Chrissy’s mortgage was approved in under six weeks. “Rising rents and scouring locations was difficult,” Chrissy says. “After years of renting, I feel much more secure. I wasn’t sure I’d ever get on the property ladder but having my own place to decorate how I want means I finally feel settled.”

The lowdown on which schemes might help you take a first step into the property market

New chapter Chloe and partner Ehran have bought their first home

You could lose your home if you don’t keep up your mortgage repayments. Lending subject to approval.

By Nicky Rampley-Clarke

Cash in Allow for extra moving costs in your budget and you’ll rest easy

MONEY, MONEY, MONEY Remember: you’ll need to take into account other costs when buying a home – your first or otherwise. Stamp duty is a big one, and is changing from April 1: it won’t apply to first time buyers in England and Northern Ireland (Scotland and Wales differ) on the first £300,000 of the price of the property, if the total cost is less than £500,000. (Check the government website for current figures.) Then there are legal fees, surveys and moving costs, plus the expense of furnishing your property, or buying white goods. You may bag a better deal on your home if you’re prepared to take on a fixer-upper, so factor those costs in, too – including materials and labour. NEIGHBOURHOOD WATCH Up-and-coming areas offer potential when it comes to growing your investment, but you may find something more affordable in a neighbouring postcode. Even if you’re not thinking about a family right now, you might down the line, so it’s worth investigating where the local schools are and their Ofsted rating. Plus, don’t forget the virtues of nearby shops, green spaces, the community and a local pub. For inspiration, browse the Best Places to Live 2025. ASK THE EXPERTS Halifax offers free online tools and resources or advice through access to its online sessions, led by a team of first time buyer experts. These events are packed with essential information to help you through the whole process – there’s even a chance to ask questions. The bank also supports a host of government-backed initiatives to help would-be homeowners, including Right to Buy, Shared Ownership and the government’s First Homes scheme, meaning there’s a scheme to suit every budget and every situation.

The lowdown on which schemes might help you take a first step into the property market

To learn more and for full T&Cs, visit halifax.co.uk/mortgages

You could lose your home if you don’t keep up your mortgage repayments. Lending subject to approval.

Boxing day Moving into a new home is an unforgettable experience