Before the UK went into lockdown all those months ago, the last thing that crossed our minds as first-time buyers was the fact that we would somehow benefit from the impending doom. It was before we had ever heard the word 'furlough', lived comfortably in precedented times and our main worry about the future was losing our jobs, homes and sanity.
The closure of bars, restaurants and shops followed by the travel ban on exotic holidays to stepping out your front door more than once a day, took away a big chunk of our social lives and freedom. However, what we didn't expect to happen was that all that money saved from not spending it on weekend cocktails, petrol and lunches at work could actually go into our savings, speeding up that ginormous task of saving for a house deposit.
According to The Times, first-time buyers put away three times more money into their Lifetime ISAs during the lockdown and Legal & General found that the pandemic hasn't stunted first-time buyers' dreams of owning their own home with 93% still looking to buy this year. Being an estate agent in Southport, an area that is filled with budding first-time buyers, we are more than aware of the issues that first-time buyers face when saving for their deposit alongside all the other costs and barriers that come when purchasing a home.
Mortgages are the key to owning a home but approaching the task of getting a mortgage can be tricky, even when your deposit is topping up nicely. Most people automatically go to their banks, but this doesn't necessarily mean that they're getting the best deal for their circumstances. We always use the example of purchasing a car from a dealership. If you go to an Audi dealership, you're going to be sold an Audi car regardless of what your requirements are. However, if you go to a dealership that's not affiliated with a particular brand, they will give you more options and find a car that fits your circumstances better.
We work with Right Click Finance, Mortgage & Insurance brokers also based in Southport, who are able to scour a network of over 70 mortgage lenders to find the best mortgage deal to suit your circumstances. Get in touch with your local branch to set up an appointment with one of Right Click's amazing Mortgage Advisers.
You can also check out our blog, The Ultimate First-Time Buyer Bible for top tips on how to save and the process of buying your first home from start to finish!