Tuesday 15 November 2022

Getting on the Property Ladder: Tips to Make it Possible

 **Collaborative Post**

AD: Are you thinking about buying a home, but sometimes feel like getting your first step onto the property ladder feels almost impossible? You are not alone! The good news however is that it’s probably not, it’s just going to be a little harder than it would have been a few years ago given the current climate. If this is something you’re struggling with, or you plan on trying to buy your first home soon then it’s a good thing that you’ve come across this article because we’ve got some advice for you.

Down below, we’re going to be taking a look at some of the things that you can do if you think that buying a home is impossible, so keep reading if you would like to find out more and to give you the best chance of being in a good position to take that first step on the property ladder.

Work On Your Credit Score

The first thing that you’re going to need to do is work on your credit score. In fact, it is never too early to start working on and gaining a good credit score, even if you won't be buying for a few years yet. While it might not feel like it’s an achievable goal, if you work on your credit score then you’ve got a better chance at securing a mortgage. Work on paying off any debts that you owe, make sure that you are paying your bills on time, and do everything that you can to bring that credit score up.

You’ll want to use a credit reference agency such as Checkmyfile UK to understand, review and improve your credit score.  Agencies like this allow you to survey how you’re spending and where you’re going wrong - for example, a missed payment - so that you can adapt your spending habits in the future to correct these problems.

The good news for those of you that are struggling with a bad credit score because of past debt that is now paid, you can get bad credit mortgages. It’s usually the case that these are going to be higher than normal mortgages, but it’s better than nothing. If you look into this option, we’re sure that you will find something that suits your needs.

Speak to the Bank/ Mortgage Provider

There is a lot that goes on "behind the scenes" when it comes to buying a home and how lenders work out what you can borrow can be super confusing. Rather than trying to guess and searching for homes based on a guess, go and speak to a few different banks & mortgage providers to get real, actual advice. Some banks can even talk you through a "mortgage in principle" which of course isn't a guarantee of what you can borrow, but it will give you a rough idea of a ballpark figure you should be looking at based on your current circumstances.

Whilst it can seem daunting talking to mortgage providers, they are usually lovely and are there to help, they want to get you the best deal too so don't be afraid to shop around, get a few different quotes and make sure you are on the right track from the get-go.

Speak To a Real Estate Agent

The next thing that we’re going to say is that you should be speaking to a real estate agent, as they can really help when it comes to finding somewhere suitable. It might be the case that you’re simply looking at houses that are going to be way out of your budget and that you’re never going to get accepted for a mortgage for. But, if you speak to a real estate agent, if you explain your circumstances to them, then they may be able to help you find properties that match what you need.

Start Saving ASAP

The last thing that we’re going to say is that you should start saving as early as you can to get as much of a deposit behind you as possible. The more money you have for the deposit, the higher your chances get of being accepted for any kind of mortgage which is fantastic. Even if it’s just a little every now and then, it will all add up in the end and make a huge difference. There are also certain government schemes and accounts you can open to help first time buyers so make sure to explore these as you could be missing out on help you are entitled too!

We hope that you have found this article helpful, and now see some of the things that you can do if you think that buying a home is impossible for you. More often than not, it’s never actually going to be impossible to purchase a home, as long as you can get a deposit behind you, so that’s what you need to keep in mind. We wish you the very best of luck, and hope that you manage to get a home that’s yours in the future.


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