How to make it easier to become a home owner

As property prices continue to soar and far stricter affordability checks being carried out by lenders, owning your own home can seem like an impossible dream. However, it is possible to save a deposit and buy your own home, by taking action.

Although it may be tempting to move out of your parent’s home and rent a property to gain your independence, you will have a greater chance of saving a reasonable deposit if you remain living there for a while. Another alternative is to live with friends or other family members if they have a spare room which you could pay a nominal amount of rent for. This will enable you to pay minimal expenses, and save for your deposit.

A decent size deposit is crucial to enable you to obtain a mortgage deal which has a low interest rate. Generally, the bigger percentage of the property cost which you borrow, the higher the interest rate on the mortgage deal. If you are struggling to save a deposit, consider one of the Help to Buy schemes, which are aimed at first time buyers.

Buying a property on your own may be difficult, especially in some parts of the country, like London or the south. Although you may not be in a relationship, you may be able to buy a property along with a trusted friend. This will make it easier to raise enough for a deposit, and to be able to borrow the money for the mortgage. A CeMAP qualified mortgage adviser will be able to help you to find a suitable mortgage deal.



Related Posts

CeMAP Course Online pop up
Update cookies preferences