1. Educate yourself
Read up on the various schemes/options available to buyers and the buying process from beginning to end. This could range from bridging loans and buying at auction for investors to shared ownership, help to buy and Lifetime ISAs for first time buyers. Knowledge is the first step to getting on the ladder!
2. Develop smart goals
Start by working out the true cost of buying the property you desire.Then ensure your goals are “S.M.A.R.T”:
- Time related
3. Save before you spend
This one is self explanatory. Don’t just say saving for a house is your priority, show it is!
4. Speak to a Property Cohort mortgage advisor
FInd out how much you can realistically lend and plan accordingly. Our mortgage advisors can assist you with all of your mortgage needs from, First Time Buyers, Buy-To-Let Landlords, & Remortgages to Product Transfers, Second Charges & Commercial Loans.
5. Fix/Check your credit
Your credit history provides mortgage lenders with an indication of how financially responsible and reliable you are; and helps lenders determine whether they will lend to you and at what interest rate. The earlier on in the buying process that you are aware of your credit score the more time you will have to fix any issues.
6. Use a budget spreadsheet
Make a yearly budget and review it on a monthly basis. Set out all income and expenditure and cut out any unnecessary expenditure. We have put together a Property Cohort Budget Template which you can download and use for free.
7. Book a Property Cohort strategy session
If you’re an investor looking to get on the ladder; book in a free strategy meeting with Property Cohort where we will work with you to identify an investment strategy and plan that works best for your personal circumstances and priorities.
Research areas that are prime for regeneration and possible capital growth. There is a common misconception that the majority of areas (Especially in London) are unaffordable. Do your own research on sites like Rightmove and Zoopla and find out for yourself. You might just be pleasantly surprised to see there are properties available within your price range.
9. Increase your income
Salary is a big issue for many buyers when getting on the property ladder. Consider acquiring another source of income and if you’re employed, consider applying for roles that will increase your salary or consider negotiating a pay rise with your current employer. If you don’t ask, you don’t get!
*This article is for general awareness only and does not constitute legal or professional advice. The law may have changed since this page was first published.