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Picture the scene: you’ve just got the keys to your first home, and you’re celebrating this huge milestone with a chilled prosecco and the obligatory moving-day takeaway. But there are a lot of steps before you get to that point. We’ve teamed up with Kia Commodore from the Pennies to Pounds platform and mortgage expert Phil from our Red Team to get top advice from the experts and help you turn the dream – of moving from Generation Rent to Generation Buy – into a reality.

Kia and Phil hosted an Instagram Live where they debunked common first-time buyer myths and showed us how the Virgin Money Home Buying Coach app can help get you on the property ladder. You can watch the full video and we’ve broken down some of the key information below for you.

The whole process of getting onto the property ladder can feel overwhelming and confusing, so we want to clear up some of the most common misconceptions and questions first time buyers face around getting a mortgage and saving up for your deposit. Take a look here:

Myth #1: If you have debt, you can’t get a mortgage

Myth #2: Saving up for a deposit is going to take years

Myth #3: When should I start thinking about my mortgage?

We got some brilliant questions from our followers during the Instagram Live. These questions came direct from other first-time buyers, so if they’re asking it, you may be thinking about it too. Let’s take a look at some of their top tips:

What else do I need to save up for other than the deposit?

What is the best tip for saving up for my deposit?

Where can I get help and advice when starting my home buying journey?

Phil and Kia also broke down the first-time buyer journey into simple steps on her Pennies to Pounds Podcast, listen to the full episode.

If you’re ready to start thinking about buying your first home, then Virgin Money’s Home Buying Coach app can do the hard work for you. All you need to do is input some basic information, like your salary, savings so far and how much you can save each month and the app will work out a tailored plan to help you reach your goal!

Learn more about the Home Buying Coach app and download it on Apple and Android devices.

Before making financial decisions always do research, or talk to a financial adviser. Views are those of our mentors and customers and do not constitute financial advice.

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