How to stay focused on finding your happy place

Buying your happy place in 2021

Before you start looking for your happy place and begin whiling away those hours in lockdown on one of the property websites, it’s important to know what you can afford. Check out our mortgage calculator to give you an idea of how much you could borrow and what the monthly mortgage repayments might be. You can then search for homes within that price range (and reduce your scrolling time!).

It’s important to be mindful of the fees associated with buying a home, and work these into your budget/savings target. These include legal fees, surveys, and removal costs etc. Plus, it helps to have some money set aside for when you move in, for buying items such as furniture and appliances, or setting up new utilities such as broadband.

When the exciting day arrives where you find a property you love, it is important to ask the estate agent as many questions as possible before considering putting in an offer. Get important answers in writing, and remember no question is too silly or obvious. Consider asking question such as:

• How long has the property been on the market?
• Can I see electrical and gas installation checks/reports?
• Why are the current vendors moving?
• What renovations have been done to the property?
• How old is the boiler and when was it last inspected?
• When was the property last rewired?
• When are the vendors hoping to move - is there a chain?

Once you’ve taken the plunge and put in an offer, Progressive’s mortgage process is as follows:

• The offer on your house is accepted
• Contact your local Progressive branch to make an appointment with a Mortgage Advisor
• Appoint a solicitor
• Attend your Mortgage Appointment when we’ll check any existing loans and out-goings, conduct an affordability assessment and complete an application form
• Your application is approved
• We arrange for your chosen property to be valued
• We send your mortgage offer to you and your solicitor
• Your mortgage is agreed,
• Your solicitor completes all the legal work and asks for funds to be transferred
• We provide the funds on your completion date
• Congratulations! You can pick up your keys and move into your new home!

Starting to save in 2021

One of the first questions to ask yourself when you begin the savings process is, “What do I really spend my money on?”. Saving money is not only about setting some of your income aside, but also looking at how you spend money, know where it is going and reducing some of your costs.

• Make a note of all your monthly outgoings. Firstly, take a look if there are any areas where you could save. Do you really need that subscription? Could you switch your mobile network provider and get a cheaper bill? Shaving a few pounds off your bills can really add up, and you’ll thank yourself in the long run for cancelling subscriptions you could live without. If you’d like some help with this, The Consumer Council has a free, online budget tool where you can enter your income and expenditure figures, to receive a report that helps identify your major areas of spending. This report also tells you what money you should have left over at the end of the month – this is the money you could you be able to save.
• Save at the beginning and end of the month, if you can. It’s a good strategy to begin putting away a sum of money as soon as you get paid, before spending anything. Then, at the end of the month, if you have any money left over, you can deposit that into your savings account too.
• Create manageable savings goals. Saving to buy a home can feel impossible at the beginning, but if you break it down into monthly goals, the journey will seem more achievable and reaching those smaller objectives will give you the motivation to keep going!
• Choosing the type of savings account, you go for is also very important. There are a range of savings accounts out there and each one will include features which may suit different people, but names and descriptions can be confusing and include a lot of financial jargon. At Progressive, we have an account specifically for first time buyers along with a range of other savings accounts to choose from. Our friendly and knowledgeable staff will be happy to discuss these with you, so you can decide which account best fits your current needs.

Our First Home Saver Account

If your goal this year is to start saving for your happy place then this could be a good option  for you - simply save into a First Home Saver account and you could be eligible for £500 mortgage cashback if you take your first mortgage with us too. What’s more, if you are buying a home with someone else and you both have a First Home Saver account, you could each receive a £500 mortgage cashback!

Click here to find out more about this account and to view the account Terms and Conditions

So now that you have a better understanding of saving and where to start, why not take that first step, by getting into the habit of saving regularly and being a step closer to achieving your dream of owning your own home.