Tips and Advice for First Time Buyers

For first time buyers, it can seem like the housing market is against them. The news seems to be full of downbeat messages of a property market that sees rising prices (good for owners, bad for those trying to get their first home), banks that won't lend money or approve mortgages, and giant deposits that one can't hope to raise.

Luckily the internet is full of tips and advice for first time home buyers.

Including an article on the BBC on How To Be A First-Time Buyer.

The article details many things people looking to get onto the property ladder should know, including the amount of preparation one should put in beforehand:

Preparing for a mortgage starts early so make sure your documentation is in order. Lenders like to see:

• your last three years' address history, with no gaps

• your last three months' payslips and your last P60 form or three years' accounts

• your last three months' bank statements

• full details of any loans or credit cards you have

It also gives good news, and encouraging news, to first time buyers, such as a ginormous deposit isn't always necessary now. There are up to 49 mortgages available that requires only 5% deposit. There are also new goverment schemes to help people generate the deposit needed for a new home.

Of course, a lot of work is still necessary from the potential home buyers themselves and one of the best things one can do is keep track of the household budget and what can be sacrificed in order to achieve a new home. Being able to borrow money depends heavily on individual circumstances, so make sure the finanaces are in good standing.

Finance Tips for Young Couples Starting Their Lives Together

There are many guides out there for older couples who are married and have lived together for while, but what financial advice is there for young unmarried couples who are just starting their lives together. Many couples in their early 20s are just starting to learn about how to manage their own finances and work together as a team. If they make good decisions at this early stage in life they can set themselves up for success, but if they make poor choices they can find themselves struggling later on.

Successful couples will tackle managing their finances as a team and if they can work together well they can get ahead much more quickly than one person could on their own. Here are some tips for young unmarried couples who are just starting on the road to wealth together:

Align Your Goals and Money Philosophy

Have you had a conversation with your partner about how you both like to manage money and the goals that you have for your future? While this is not the most romantic thing to talk about on your first date, it is a very important topic to discuss if the relationship is getting serious. It is important that you both are on the same page when it comes to managing money, otherwise you can suffer from conflicts and resentment.

Talk about what your goals are and how you see your future playing out. Would you rather work hard and invest aggressively so that you can retire early, or live frugally so that you can work less and do more of what you love? Do you plan on buying a home one day that will involve mortgage repayments, or renting a house? Would you lease a new car or buy a used one? Once all of these lifestyle choices are on the table you will be able to see if you are financially compatible as life partners and be able to envision a life which is a perfect compromise between both of your dreams.

Don’t Keep Secrets from Each Other

Have you confessed to your partner all of the secrets of your finances, such as the amount of your credit card debt or the unpaid balance of your student loan? It is important to get these secrets out in the open as soon as possible, because they can be unwelcome surprises later on in the relationship.

While you are young, lay out all of your financial cards on the table and assess where you both are in life. Be honest and upfront about it so that you can both create a plan to work together to pay off debts and save for the future.

Prepare For Emergencies

Even if you have a great career and a comfortable income in this early stage in life, you never know what is around the corner. You could find yourself faced with an emergency, such as an accident, an illness or being made redundant, which could really throw you off track. If you don’t have an emergency fund saved up this could leave you in trouble. Try to save your money and have three to six months of expenses saved up just in case.

These are just a few important tips that young couples should remember while preparing to manage their finances together.

Infographic Interlude: Fatal Accidents at Work

An infographic displaying some fatal accidents at work in the UK. It probably is not much of a surprise that more accidents tend to happen in the construction industry, or that fatal accidents happen to those in the Services, but the breakdown in location is interesting. One might assume that more accidents might happen in the busy, bustling capital. But then again, the city isn't known for its booming agricultural industry...

Source: What Is Health And Safety