If you have been contemplating buying a house for the best part of 2016, then you’re not alone! Daydreaming about paint colours, kitchen designs and beautiful gardens is commonplace amongst the houseless, so just what is stopping you taking your perfect picture and making it happen?

If you’ve been putting off house buying in a bid to hold on to more of your disposable income then it may be time to wake up and smell the coffee. The housing market continues to get healthier, so why not take advantage of it and make a pledge to find your dream home in 2017!

Why 2017 will be a good time to buy

After a slow summer, the market seems to have found its feet once more – so much so that there has been an unusual surge in pre-Christmas buyers. Interest rates continue to sit at an historic low and more homeowners seem open to selling. This means that buyers will have more homes to choose from and will be less likely to pay above the odds due to a bidding war. There will also be an increased availability of new builds for first time buyers because of the affordable housing quota within many development sites. 

Buying versus renting

The buyers market will be far better that the rental market in the new year. Rental prices continue to rise and it may surprise you to learn that the cost of monthly mortgage repayments can be cheaper than monthly rental bills.

New Government initiatives have also been introduced to help homebuyers in recent months including the Help To Buy ISA and Shared Ownership Scheme. The Help To Buy ISA can help you top up your deposit by up to £3,000 is you are saving to buy your first home – and if you are buying with another first time buyers they are also eligible for up to the same amount, which can result a Government contribution of £6,000 for a couple which you do not have to pay back. As already mentioned, interest rates are also hugely in a home buyers favour right now.

How to prepare to buy a home in 2017

If you have decided that buying a home is on your agenda in the new year, it’s time to make sure you have your finances in order. Do everything you can to ensure that your credit rating is in tip-top condition as this can have a huge effect on your mortgage eligibility and ultimately acceptance. It is quite common for credit score to contain errors, so even if you are careful with you money, it pays to double check your report and inform them of any inaccuracies. Make sure you have saved enough for a deposit, know exactly how much you are likely to be able to borrow and have money aside to cover stamp duty and fees.

If you need some help and advice, or simply wish to know how much you could borrow before you start looking for your perfect property, then why not speak to one of our specialist medical mortgage advisors on 01656 749902. It costs nothing to ask a question and you will start the new year armed and ready with all the information you need to help you get on the property ladder on 2017!