How can first-time buyers get on the ladder faster?

Are you thinking of getting on the property ladder this year? It is often a daunting task, but interest rates are currently low and there are government schemes that can help, too. We have listed below some advice to help more people buy their first home sooner.

• Do research on how much finance you can secure based on your current salary.
• Know what deposit you need and what Help to Buy schemes (www.helptobuy.gov.uk) are available in your area.
• Determine how much deposit you actually need, taking into account your purchasing costs.
• Research exactly what your purchasing costs might be to legal fees to your mortgage lender, surveyor and HMRC in Stamp Duty.  Bowson Estates can help with this, don’t forget to give us a call for your FREE quotes of recommended advisors on our panel.
• Work out where you want to live or indeed be comfortable living in that location.
• Research the market properly, this will give you a head start when making an offer
• Work out the time frame. Buying a property often takes longer than people imagine.
• If your family is helping with a deposit, then make sure you give them plenty of warning as their capital may be tied up in a savings scheme that requires more notice than just one week or a one month.
• Finally, it is more important that the deposit is large enough to help secure the property in the location you like.

We often encourage people in rented accommodation to compromise on what they want in the short term to be able to purchase their own home. Once they buy a property, they can work on overpaying their mortgage, which will give them a larger deposit in the longer term. Often moving to a slightly more affordable area in the short term is the key.

To register for property please call Bowson Estates on 0191 2128100 ext 1