Post by @well.financial

First-time buyer planning to buy your first home in 2027? 🏡 Don’t wait until you’ve found your dream home to start preparing for a mortgage. If buying your first home is one of your goals for 2027, there are things you can do NOW that could put you in a much stronger position when the time comes. Here are 3 steps I’d be taking now - and 1 thing I’d avoid: 1️⃣ Speak to a mortgage adviser You don't need to have a property lined up to speak to a mortgage adviser. In fact, getting advice early can help you understand your potential mortgage borrowing, affordability, deposit requirements, Loan-to-Value (LTV), monthly payments and realistic property budget. It can also highlight anything you could work on between now and 2027. The earlier you know where you stand, the more time you have to improve your position. 2️⃣ Pay down your credit cards If you have outstanding credit card balances, start working on reducing them. Your existing credit commitments can form part of an affordability assessment, so reducing your debts may help improve your overall financial position. Don't simply clear everything without considering your wider finances, but if you're carrying expensive credit card debt, it's worth making a plan to reduce it. 3️⃣ Make sure you're showing ALL your legitimate earnings If you're expecting your income to increase before you buy, now is the time to think about how that income will be evidenced. If you're employed, that could mean progressing your career, asking for a pay rise or increasing your regular earnings where appropriate. If you're self-employed, make sure your accounts and tax records accurately reflect your income and are kept up to date. The more clearly your genuine income can be evidenced, the easier it can be for a mortgage adviser and lender to assess your circumstances. 🚨 And the ONE thing I'd avoid… Don't take out unnecessary car finance before you apply for your mortgage. That new car might feel affordable based on the monthly payment… But a new finance commitment can affect your mortgage affordability and potentially reduce the amount a lender is willing to offer you. If buying your first home in 2027 is the priority, think very carefully before taking on significant new monthly commitments. Your mortgage application will look at your financial circumstances - not just how much money you have saved for your deposit. So if you're a: 🔑 First-time buyer 🏡 Saving for your first home 💰 Building your house deposit 📊 Trying to improve your mortgage affordability 💷 Working towards buying in 2027 💼 Employed or self-employed Start preparing now. You don't need to have everything figured out today. You just need to know where you are, where you want to be, and what you can do between now and buying. Save this post #FirstTimeBuyer #FirstTimeBuyerUK #FirstTimeBuyer2027 #FirstTimeBuyerMortgage #BuyingYourFirstHome