New Homeowners
Managing Your Money as a New Homeowner
The keys are yours. Now there are new bills, maintenance and a mortgage to manage. Here is a simple guide to keeping on top of your finances in your first year of owning a home.
★★★★★ Helping new homeowners across Scotland settle in. Rated 5 stars by 235+ clients on Google.
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
Client Reviews
What Our Clients Say
"We remortgaged with Tony and as always it was a simple smooth process! He explains everything well and is very knowledgeable, honestly wouldn't go anywhere else for mortgage advice! Thanks again ☺️"
Remortgage Customer
"We got recommended Tony from a friend and from start to finish he has made myself and my husband feel at ease with the whole process. Nothing was too much for him or Katie and no question was too silly either. Would highly recommend them to anyone looking for any help."
Mortgage Customer
"I cannot recommend Tony and Katie highly enough. The service has been impeccable, making a potentially stressful and daunting process, seamless. Communication was effective and efficient, which is key in dealing with such a daunting process. You have a lifelong customer here."
Mortgage Customer
Your First Year
New Costs to Plan For
Owning a home brings costs that renting does not.
- ✓Council tax: check your band and any discounts
- ✓Buildings insurance: often a condition of your mortgage
- ✓Repairs: there is no landlord to call
- ✓Factor fees: for flats and some new build estates
How We Help
Five Money Habits
Simple steps to stay on track.
Set a Budget
List every bill, including new home costs.
Build a Repair Fund
Put a little aside each month.
Set Deal Reminders
Know when your mortgage deal ends.
Check Your Cover
Life, income protection and home insurance.
Think About Overpaying
Once you have savings, small overpayments can help.
Watch Out For
Common Surprises
Plan for these early.
Common Questions
New Homeowner Questions, Answered
The things new homeowners ask us most.
Do I need buildings insurance?
Usually yes, it is often a condition of your mortgage.
How much should I save for repairs?
Many people aim for a small amount each month. Even a little helps.
When should I review my mortgage?
Around six months before your deal ends.
Should I overpay straight away?
Build your savings buffer first, then think about overpaying.
Do I need life insurance now I own a home?
If anyone relies on you, it is worth looking at.
What happens if I struggle with payments?
Speak to your lender early. There may be options.
Related guides
- Should I overpay my mortgage?
- What happens when your fixed rate ends
- Do I need life insurance with a mortgage?
- Income protection explained
- All mortgage questions answered
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Just Got the Keys?
Fill in the form and we will be in touch within one working day. We will check your protection and set a reminder for your deal end date.