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Both in their 30s, long-term couple Bec and Sam are also known as comedy duo, Bam! Comedy. With a TikTok following of over 290,000, their hilarious sketches have amassed millions of views.
Aside from making people laugh, the couple share a strong desire to own a home of their own. And, after living together all over the world, their dream now is to reside in the up-and-coming coastal town of Folkestone.
Buying a home isn't easy. And, being self-employed content creators, Bec and Sam know this more than the average person. They're planning on buying a home, solely on the strength of their social media earnings - so, kudos to them for exploring if this was even a possibility.
I had the pleasure of meeting the couple, assessing their finances, and building a plan of action. By doing all of this, I could give them the financial confidence they needed to proceed.
Here are some of my top tips for first-time buyers - to give you financial confidence too. And hopefully, bring you that bit closer to buying your first home:
There are so many reasons why this is a good idea. One of my favourite reasons is that it's usually free! There aren't many professionals in the UK who will assess your financial situation, help you build a plan and give you financial clarity without charging a penny. This is a great place to start and will also help you gauge how much you could borrow.
Saving your money consistently is key to reaching your goal. Set a realistic amount that you can put away each month – any lump sum will be an added bonus. Also, if it suits your needs, consider a Lifetime ISA (LISA) – to benefit from a government bonus on top of the interest you earn. Familiarise yourself with the strict rules when making a withdrawal from a LISA. Tax rules may change in the future.
This can help you narrow your search, making the process simpler for you. It will also give you an idea of how much you could afford to borrow, which is of course an important first step.
Skipton’s mortgage expert, Umera Patel, runs through two options worth knowing about.
First is our Track Record Mortgage – you don’t need a large deposit to apply for this mortgage – we can accept less than 5% or even no deposit at all.
Since launching last year, the Track Record Mortgage has already helped to change so many lives.
It’s aimed at people stuck in the renting cycle – unable to save for their own home. So, if you’re a tenant and you’ve been paying rent for 12 months or more (consistently), it could be the one for you.
You could benefit if:
Next, we have our Income Booster. This could be an ideal option if you’re at the start of your career or aren’t employed full time.
Its purpose is simple – to support people who want to buy a property but their income and outgoings won’t allow them to borrow the amount they need.
Through this option, up to four people (including friends or family) can be added onto your mortgage – without being an owner of the property. By having the support of another person, it really could make a difference to the amount you borrow.
You could lose your home if you don’t keep up with your mortgage repayments.The Income Booster is a joint mortgage, so all borrowers will share legal responsibility for the mortgage repayments.
