What are some of the best ways to help you get onto the property ladder?

UKWhat are some of the best ways to help you get onto the property ladder?

Whether you live with friends and family or rent a property from a landlord, we know just how much you’ll want to have a place to call your own. Aside from having a baby or tying the knot, owning a property is one of the biggest goals one can have in life. 

However, taking that first step onto the property ladder is easier said than done. Barriers like high mortgage rates, expensive house prices and a cost of living crisis all mean first-time buyers are struggling to enter the market.

There are some ways that you can improve your chance of buying your first house sooner, though. Our guide below will take a look at some of the easiest ways you can enter the housing market and take your first steps into home ownership. 

Pay off your debts 

Having debts looming over your head not only makes it harder to save, but you may find it harder to be approved for a mortgage too. With no more debts, you’ll be free to save more money every month, which should help you reach your deposit goal sooner. 

Try to pay them off as soon as you can and you may even be able to boost your credit score. Your credit score is essential when buying a home because it shows how trustworthy you are with mortgage providers.

Create a budget and save 

Once you’ve cleared your debt, you can fully utilise your monthly income for saving. However, you’ll still have to pay your bills and keep a pool of money available for everyday fun. 

A great way to budget your salary well is to use the 50/30/20 rule. With this, you use 50% of your income to pay utility bills and rent, 30% of everyday expenses and 20% is put into your savings. This method can be applied to just about any wage, which is why it’s so popular.

Learn to be patient 

The house-buying process is typically slow and it can take around 16 to 20 weeks from start to finish. If you want to increase the speed of your house purchase, you must be doing everything you can on your side. This includes:

• Get your mortgage in principle ready 

• Have your documents ready to go

• Instruct an experienced conveyancer 

• Respond promptly to enquiries 

• Request property searches early 

• Have the property surveyed as soon as you can 

The house-buying process is by no means simple, but when you try these tips along the way, it should be a little bit easier for you to complete and get the keys to your very own home.

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