03 – Relationship changes
March 28, 2023

Buying a house with a partner is a natural step in a relationship. It’s also an extremely big step, which means it can be both exciting and nerve-wracking. Depending on finances, your house options will be limited – this is especially the case for first-time buyers.

The biggest problem for first-time buyers

One of the biggest problems facing first-time buyers is saving for the initial mortgage deposit, which is usually five to 10 percent of the property purchase price. This can feel like a mountain to climb, but there’s ways you can make the saving easier.

How to save for your first house

One of the best ways to save for your first house is by hiring a financial advisor. Financial advisors create a savings plan by taking stock of all your ingoings and outgoings. Their rates are expensive, but they can save you thousands and thousands of pounds in the long run.

Another good way to save is by working out your future monthly mortgage repayments. Like rent, your repayments come out of your account once a month. Repayments are based on the mortgage amount and interest rate. The more expensive your property and interest rate, the more you’ll have to pay back each month. A good base for monthly repayments is choosing a mortgage package that lets you pay the same amount you usually pay for rent. Once you know your monthly repayments, you can save accordingly.

If you’re moving out as a result of a break-up

Break-ups are never easy, especially if you’re married and you own a house together. One way or another, someone usually has to move out. If that person is you, remember:

  • It helps if you can work out an arrangement whereby you stay and save up for a month or two. This will allow you to afford a deposit and rent for temporary accommodation.
  • Don’t be afraid to rely upon your friends and family to help you out in this difficult period. That’s what they’re there for.
  • If you’re married, at some point you will need to consult with a solicitor to work out future arrangements.