Our Best Advice for Getting onto the Housing Ladder
1. Speak to an Independent Mortgage Advisor, such as Barrons Financial Services - Website. Before you even start to save, they will be able to look at your credit rating, current income and savings (existing or hypothetical!) to help you identify a realistic savings plan, timescale and final budget. They will be able to give you advice on how to improve your credit rating and advise what your buying budget could be when you have met your savings goal.
2. Rent Tracking Services. If you are currently renting, new services have recently been introduced to track tenants rental payments to contribute to their credit rating. Services like these can help you build and improve your credit rating quicker. One such service is Canopy- visit their website HERE.
3. RESEARCH! Have a look at homes in the area you would like to live in to see realistically how much your budget needs to be, and how much deposit you will need for an adequate mortgage. (If the area you like is a little pricey, try driving around the surrounding areas to see if you can find somewhere you love nearby).
4. Use an NAEA Propertymark Protected Agent when it is time to buy. They will make sure you are protected throughout the process.
5. As soon as you can, get your Mortgage Agreement in Principle. This means when you do find property you love and want to offer, you will be able to show the Agent and Seller proof that you are able to proceed.
6. Check out Help to Buy Schemes. There are now lots of government initiatives to help first-time buyers get on the ladder including ISAs, Equity Loans, and Shared Ownership deposits. Visit https://www.helptobuy.gov.uk to see if any of the options might be useful for you to help you save or buy. Make sure you read all the conditions.
7. Our final tip is to make sure you are registered with us at https://www.ajestateagents.co.uk/register-with-us so we can keep you up to date with the latest properties and help you any way we can along the way!