Thursday 7 January 2016
Getting onto the property ladder can seem daunting, but many achieve their dream every year. If you’ve set your sights on being a homeowner, this checklist will give you a heads up.
Why let when you can buy? Many of us will ask that question as annual increases in residential rentals continue to outpace inflation. Indeed, in many parts of the country it does work out cheaper to buy rather than let, but you’ll need several important things in place first – not least a deposit and a steady income.
Depending on your lender and the property you’re buying, a 10% deposit is often considered the starting point (the more you put down, the better rates you can negotiate); with Help to Buy, the figure can be as low as 5%.
If that’s a stretch, look out for part-owning opportunities, usually from housing associations.
Stay up to date with the latest news, articles and competitions.
By providing your name and email address, you agree to receiving the Love Life newsletter on a monthly basis.
Mortgage criteria these days are based on “affordability”, so any outgoings will be deducted to work out a monthly repayment figure; one the lender feels confident you can afford.