If you want to have your own space and you are tired of renting, getting your foot on the property ladder may not be as difficult as it seemed to be. You can get your foot in the ladder in five ways.
1.Scrunch the number
Take a paper and a pen for writing down all the facts about owning a property. Think about the total cost of your stamp duty (if the price’s house is over £125,000), bills, solicitors, surveys, and mortgage repayments. If you are not sure or you want more accurate results, you can ask advice from a financial advisor who will give you the answers to your questions.
2.Evaluate your current funds
All you have to do is to keep an eye on your monthly incomes and expenses. Pick a copy of your bank statement for identifying the weekly expenses you could live without for a while. Then, you can begin to work out what you can realistically afford.
3.Find assistance on offer
Nowadays, there are available government schemes that assist first-time buyers trying to own a house. One of these schemes is Help to Buy Equity Loan. Through this scheme, you will receive from the government a loan up to twenty percent of the value of your new house with five years of interest free. This means that you need only to secure 75% mortgage with the building society or bank.
Another scheme is Help to Buy Mortgage Guarantee. With this scheme, you will have to secure 95% mortgage from a building society or participating bank. The government will give your mortgage lender a guarantee up to fifteen percent of the house’s value. His means that lenders are able to provide higher loan to value mortgages.
4.Invest your savings
Once you thought that you are able to begin looking for your first property and have decided to do so, begin by looking around for a good savings account. Thoroughly research the market for the best ISA accounts offering the highest rates of interest so that you can start to increase your savings in preparation of moving and buying.
5.Think of purchasing new
Some people think that new properties are always expensive because you are the first owner to live there. For this reason, they think that hew house are harder for first time buyers to possess them. However, with government schemes such as Help to Buy, you can fulfill your dream fast because these schemes are exclusive to new property.