For most renters the dream of one day owning their own home is pretty high. Getting onto the property ladder is one of the most time consuming and hardest things to do.  But, If you’re determined to get on the ladder here are our top tips to help you there;

1. Find out what you can afford - The general rule of thumb was that you could borrow 4x as much as your gross income. But now lenders have introduced stress testing to evaluate your complete financial circumstances. So if you want an accurate idea, talk to a mortgage expert.

2. Start saving - This one you probably already know. But did you know the minimum deposit you need is 5% of the overall price of the house. E.g if the house you’re looking at costs £250,000 then the deposit you’d need would be £12,500. The more you have saved the more you can take off the cost of your mortgage. Plus it may also help to open up better mortgage deals too.

3. Be realistic & do your research  - Make sure you’ve researched the area you want to buy in. There’s nothing worse than having your heart set on something that is clearly out of your budget. So get real, and make sure your homeownership actually happens and doesn’t end up a pipe dream!

4. Get a mortgage in principle - A mortgage in principle is like a mortgage promise. It’s a statement from a lender saying they’ll lend you a certain amount before you’ve finalised the purchase of your home. It's worthwhile getting this ready as it shows potential sellers and estate agents you’re serious about the purchase and also could help put you front of the queue, if the seller is deciding between more than one buyer.

5. Start loving your credit score - Lenders use your credit score to help determine your creditworthiness and if they want to lend to you or not. The higher your score the more likelihood of you being approved for a mortgage. As you’re showing you’re a responsible person who pays back what they owe on time. You can improve your score by making sure you do not miss any repayments and help boost it by making sure your rent payments count towards your credit score with RentTracking. ‍‍

6. Get a steady job - Mortgage lenders are looking for reliable people, who have a steady income as this means you’ll be able to pay back the money you intend to borrow. So hold off moving jobs if you’re about to apply for a mortgage! 

For further help and info - check out our partners The Mortgage Advice Bureau.