With recent announcements that first-time buyers save a significant amount of money compared to renters, it’s no surprise that many people are jumping at the chance to get on the property ladder.

But how do you prepare yourself for this? Our adviser Jack Wilson gives his top tips:

Saving is key

In order to get a mortgage you will need a deposit, therefore it is crucial to save in advance of applying. Make sure you utilise additional funding, such as the government Help to Buy ISA. This will add an extra 25% to your savings, so you will receive £50 for every £200 you save each month. This means that if you were to save £200 a month for 12 months, you would receive an additional £600 on top of the £2400 you had saved.

Take steps to improve your credit score

Make sure to check your credit score in advance of applying for a mortgage, so that you can take necessary steps to improve it. Register on the electoral roll if you haven’t already, as this is mandatory for the majority of lenders. Make sure to pay off credit card debt, as well as ensuring that other debts such as car finance are paid on time.

Budget

Go through your finances in detail and work out what your income is at the end of the month, versus how much you have spent that much. How much does that comfortably leave you? How much can you realistically afford to pay for a property? These are all questions you need to consider, as they will be taken into account when you apply for a mortgage.

Research the market

Look into the property market within the area you are considering buying in. Get an idea of the types of properties available, as well as how much they are currently selling in. This will give you a better idea as to how much you can afford, as well as how much extra you may need to save.

Speak to a mortgage broker

Brokers can assist you with the purchase process, providing advice at each step. They also have access to thousands of products, including exclusive ones which are not available on the high street, therefore allowing them to find the right product for you.

Looking to get on the property ladder? Speak to Jack or another member of the specialist adviser team at Mortgage Advice Bureau on 0800 652 6649 or email scotland@mab.org.uk

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

There may be a fee for mortgage advice. This actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is 0.3% of the amount borrowed.