Are you a first-time buyer with limited funds but regular income? Shared ownership might be an option for you. Some mortgage lenders will ask you for as little as 5% of half the value of the property. As long as the mortgage lender is happy with your income and how much you can afford, you could get on the property ladder with an affordable mortgage. All you need is to plan. Research and plan. You need to budget for a variety of areas in the home buying process, such as surveyor, solicitor, deposit, mortgage lender fees, etc.
For someone who’s always rented their home, the thought of buying one can be daunting. Where to begin? To start your journey, you need a mortgage broker and a conveyancing solicitor. First up, your mortgage broker will help you find a mortgage lender. Once you know you stand a good chance to get a mortgage, you need to find a conveyancing solicitor that will help you understand the cost involved in conveyancing work. You’ll also need a surveyor who will give you a report on the state of the property, which in turn will help the mortgage lender decide if they’ll lend you the money.
Because you’re a first-time buyer, personable services will be ideal to help you through the home buying process. You need to plan ahead and weigh up the cost. The principle way to measure home affordability is by measuring the ratio of your income to the value of the property. If your wages remain constant but house prices go up, just as you though you could buy your first home, you end up disappointed and disheartened. We’re by no means trying to discourage you, we’re just helping you prepare.
Imagine you save up to afford your first home, but after a few years, your wages have remained the same but house prices have gone up. In fact, in 2021 affordability in the UK is at a 10 year low. House prices have gone up but both Brexit and the pandemic have done their fair share of damage to the economy. This means that not only are jobs at risk, wages are stagnant. Having said that, the government has in place affordable home ownership schemes. You can go on GOV.UK and do some research on what’s on offer for you, if you’re a first time-buyer.
Think of shared ownership coming to the rescue of hardship first-time buyers are going through at the moment. You can buy half of the value of the home, which what you can afford. You have the possibility of purchasing the other half of the share at a later stage in your life. You can also sell your own share, hopefully making a profit, and with the equity you can buy as a sole proprietor. Whatever you choose to do, whichever avenue you take, you’ll need a mortgage broker and a conveyancing solicitor. The mortgage broker lends you the money and the conveyancing solicitor looks out for your interests.
If you’re a first-time buyer, please give us a call for a no commitment consultation. SG
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