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.
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.