Are you in your final year of university? With graduation getting closer, you may have started to think about life after uni. Getting onto the property ladder can seem like an impossible task, especially with the current cost of living crisis. However, there are various things you can do now to help you invest in a property at a time that’s right. Whether you want to buy straight away, or it’s something you hope to achieve in the next 10 years, doing these things will help regardless.

Getting on the property ladder after university

Review your spending and saving

It’s no secret that buying a house is expensive, and typically requires a deposit of 10% of the house price. With the average UK house price currently sitting at over £290,000, it is unlikely that you will have a deposit just sat in your bank account ready to go. However, don’t let that deter you, if you are already thinking about buying a home before you’ve even graduated then you’re in a good position to start saving now.

The first thing you should do is assess how you currently spend your money. It is worth noting that this is likely to change once you leave university, but it never hurts to get savvier with your spending. Take a look through your bank statements, what are you spending the majority of your money on? Outgoings such as rent and bills are impossible to avoid, but there are likely to be other areas that you may be able to cut back on or ways you can spend more efficiently.

Now you have assessed where you can make some small savings, it is time to make sure your savings account is working for you. Whether you currently have a savings account or not, and no matter the amount you think you can realistically save each month, you should do some research into the different accounts on offer. For example, a lifetime ISA could be a good option, as this allows you to benefit from a government bonus of 25% (with restrictions) when using the savings to purchase your first home.

Look into schemes

It is always a good idea to know what schemes are available to help with buying a home. As well as lifetime ISAs, there are often reduced deposits and shared ownership options. These are typically for purchases of new homes, which are often popular with first-time buyers because of this, as well as the fact they are ready to move into and require little work.

Keep checking in with what is available as new schemes are likely to occur and things change quite regularly.

Speak to a mortgage advisor

This may seem premature, however, contacting a mortgage advisor for an informal chat can provide you with valuable information that can come in handy later down the line. They will be able to provide you guidance on what your likely borrowing limit will be based on an estimate of your future salary. This will give you a better indication of the size of deposit you are likely to need and the type of property you will be able to afford one day.