With help to buy schemes, and the new Help to Buy ISA set to be launched soon, the UK government is making it easier for people to get their foot on the housing market.

However, before jumping straight into buying, there are several things that members of the public should consider:

Get a solicitor

It is very useful to have a solicitor in place at the start of your property journey – don’t wait until the last moment.

A solicitor will work through your financial calculations and will offer good impartial advice on the complete house buying process, including the preparation of negotiations for purchase, preparation and submission of offers transfer of title and mortgage documents. 

Can you afford to buy?

You need to take a serious look at your financial situation. Can you actually afford your dream property, and if not, can you compromise? You may want a three bedroom detached villa, but perhaps a terraced dwelling or a flat is more in your budget. You can check current property prices on ASPC, using our house price guide.

On average, people can borrow four times their salary for a mortgage, so people who earn £25,000 a year will be able to borrow £100,000. The actual amount you can borrow will be dependent on circumstances.

Of course, you will also need to have a deposit for the property: usually at least five per cent of the property’s price.

And don’t forget the Land and Building Transaction Tax (LBTT).

What happens if interest rates rise?  Would your monthly budget cope?  It is important to tackle these difficult questions now before you overstretch yourself. 

Use your head as well as your heart! 

Is there a scheme to help?

The Help to Buy scheme in Scotland, for new builds, is available for first-time buyers and existing owners to purchase a new-build property of up to £250,000 from a participating house builder.

The scheme provides a loan of between 10 and 20% of the property price, which you don’t need to pay back until you sell the property, when you would repay the same percentage you borrowed off the sale price. 

The recently announced Help to Buy ISA is set to launch in August 2015, and will see the government putting in money to help first time buyers afford their deposit. However, you can only take out this ISA if you don’t already have an ISA in place for the year. 

What and where?

Before you buy it is vital that you work out how long you will be able to stay in the property.  You need to match your property with your own situation.    Will you have a growing family?  Is there schooling nearby?  Take your time and get to know the area you intend to buy in.  Speak to people and get the lowdown on the area.  Do your homework.  Even prior to purchase you need to consider its resale potential!  Your solicitor can help you with that.

Is your dream property available?

It is important to keep an eye on the property market, as great properties can get snapped up very quickly. Use My ASPC and set up notifications for properties that meet your criteria. Get the matches as soon as they come up for sale!

You can make a wish list of your favourites, and be informed as soon as any details change.

Remember, although you can see a property online, it is important to actually visit in person.

After these five steps, you should be in an assured place to make a decision about buying your dream first property.