Guide to getting on the Property Ladder

Despite all the doom and gloom, fear not, as there are still a range of different ways which enable first-time buyers to get on the property ladder. House Buying

1. Save

Granted, this old fashioned method isn’t as easy as it once was due to increased levels of rents, but it is still achievable. Saving money on rent will give your savings that much needed boost and, if you are prepared to put in the extra work possibly a second job will help you extend your savings even further.

2. Borrow

Looking for the best mortgage deals is also essential to getting on the property ladder. Increasingly, mortgages are available over longer terms, so it is getting easier to find ones that are suitable for you. You will of course be paying thousands of pounds extra in interest – but you could remortgage later to a shorter term.

3. Borrow from Parents

Your Parents are aware of how difficult it is at present to get into house buying, and are also aware of how easy it was in the past to get onto the property ladder. If they are willing, they can aid your property purchase by possibly matching your savings to put towards a healthy deposit, or becoming a guarantor, to help you get the best mortgage deals. Put simply, this means that should you miss a monthly repayment they will be able to help make up the difference.

4. Buying with someone else

Buying a home on the UK property market with someone else, can easily help you save your money more quickly than if you did it on your own. You will therefore increase your deposit and reduce all of your monthly outgoings. Specific mortgage deals are currently available with this buying method, but there is no reason why a traditional mortgage wouldn’t be suitable– meaning that your co buyer wouldn’t automatically inherit your half of the property. Make sure that you have a secure contract that you read thoroughly, and are looked over by a respected solicitor, covering both of you. Make sure to also look into something known as the ‘Deed of Trust’ which will enable you to know which one of you holds a particular percentage of the house buying property.

5. Instruct the services of a professional buying agent or property specialist

Unfortunately the UK property market is not created in the interest of property buyers. This is bad news for first timers and investors alike because estate agents, once the pillar of the uk property industry, ultimately work for sellers (vendors) to get the best possible price when selling because they earn their money form commissions paid on the sale price so it’s in their interest to sell buyers property at the most expensive price possible however the rise of professional buying agents who work for and on behalf of Buyers to save them as much money as possible have become a viable option in the pursuit to own your first property!

If you are still unsure about whether you’re in the position to purchase a UK property talk to someone at PropSavvy and we can guide you through your finances and the processes to show whether you can afford to climb onto the property ladder.


Why choosing a BMV Property is a Fantastic Investment

BMV Property
Many people are choosing to make financial investments because in these dire times they know things such as gaining interest on their savings in a bank account or relying on a pension is not going to offer them the type of security enjoyed by our parents and those of yesteryear. More and more people are choosing to invest their money in property. Yes, even with the difficulty of getting a mortgage in tough times, people still opt to invest in bricks and mortar as a sure long term investment. There is always the opportunity to make money long term especially due to the current house price slump meaning (depending where you’re buying) houses are relatively cheap compared to what they have been which means that, with the right help, you can get a fantastic bargain with BMV or discounted property deal.

The UK property market will undoubtedly begin to pick up again, which means that you can benefit from capital appreciation and sell your property for a profit at the right time. Property is such a great investment as you can make money from it almost straight away which means it’s not only an investment but it can become a business too with many individuals becoming full time property investors. A great way to make money from a property you have invested in is to rent it out. If you are renting out a property you may be able to afford to save up for a deposit for a mortgage so that you can purchase another property to rent and so forth. Due to the UK property market being very slow more people are choosing to rent as they feel it’s the only way they can afford to move out rather than moving back in with their parents.

Without the services of Property Buying Agents, it is very difficult for the average person to afford to buy a home of their own and so friends are choosing to live together so that they can have their own space like they are used to.

One of the best ways to purchase a property for investment is by choosing a Below Market Value or BMV Property in UK. Also known as discounted property these there are many reasons why someone may be willing to sell you their property at a discount. Ill health, financial difficulty, immigration, probate, divorce are just a few reason why someone with enough equity in their property may be motivated to sell quickly for a discount. A discounted property does not necessarily mean it will be in a poor condition even if it is repossessed, and if you employ the services of a professional buying agent most of which are in very good condition. These properties can be rented out almost straight away for very little additional cost, saving you time as well as money.

You should take the time to consider the area, style and type of property you can purchase. You must also have realistic requirements and look at property which you can actually afford to purchase and maintain in a worst case scenario in terms of investment along with its rental potential.

Investing in the UK Property market is a fantastic investment because it gives you many different options, if you choose to invest your money into something like the stock markets there’s a much higher risk of losing your money and all of your savings could be down the drain in moments. Whereas, as mentioned before, the UK property market is a cycle, which due to the basic factors of a growing population which unfortunately has a substantially greater demand for property than the available supply of property. This one powerful factor dictates that property prices will always increase over the long term and if you sell at the right time you could enjoy substantial profits.