Getting on the property ladder and becoming a home buyer for the first time is reported to be harder than ever before. Property prices across the UK are soaring, which means people aged 20-30 years old are moving away from their hopes of becoming home buyers and staying with parents or making the most of rented properties instead.
If you are keen to get your foot on the property ladder then you could consider some of the property schemes that are currently out there but you’ve got some other options too. We have put some tips together for you that will help;
Prioritise Your Savings
Try and save as much money as you possibly can. This could be an opportunity to finally quit smoking and putting the money you save aside, have one less meal out a month or go without a holiday this year. By having a larger deposit for your house you will put yourself in a better position of buying a house and getting on the property ladder. The higher the deposit, the lower the interest rate so you will be saving yourself money in the long term by cutting back on some luxuries now.
Instead of putting your savings into a normal bank account, look out for a Help to Buy ISA or a high savings account. This means you will be able to large amounts of interest on your savings and this can really help to boost that important house deposit.
Get A Credit Card
Having a credit card shows potential lenders that you are able to borrow money and repay it on time. You don’t need to spend huge amounts on your credit card. Instead, use it little and often. Some people use their credit card for petrol, for example, and then pay it all back off the credit card on payday. This simple action of borrowing money and repaying it on time will help you build up a good credit score, which will really help when becoming a home buyer.
Have Your Paperwork in Order
A lack of paperwork or paperwork not being ready can really slow down the house buying process and can affect your chances too. You will need copies of your ID and these must be in date and have the correct information. For example, remember to update your driving licence if you’ve moved recently.
Use A Specialist Property Lawyer
When buying your first home there is a lot involved. By using professional and specialist property lawyers you will know you are in safe hands. Our lawyers have experience in hundreds of house purchases and will be able to ensure that your house purchase runs as smoothly as possible. If you are looking at buying a new build, then our team can talk you through the new build conveyancing process with our guide.
If you need help from professional property lawyers in the UK then please call our office on 01733 203873. No matter where in the UK you are buying a new home, we can help you.