Financial Planning Strategies for First Time Property Buyers

A solid financial plan is the difference between a stressful purchase and a smooth one. Here is how to prepare.

Know your deposit requirement

Lenders set minimum deposits based on the property value and your residency status. Plan for this early and keep the funds easily accessible.

Budget for one-off costs

Registration, trustee and agency fees, valuation and mortgage arrangement costs add up. Build them into your budget from day one.

Compare mortgage products

• Fixed versus variable rates
• Early repayment and switching fees
• Total cost over the first five years, not just the headline rate

Protect your credit profile

Avoid taking on new loans or credit cards while your application is in progress, and keep existing repayments up to date.

The right mortgage is the one you can comfortably afford in every season, not just this one.