Thursday, 18 November 2010

How To Get Into Property Ladder, Your First Home

Even considering the current drop in house prices, it’s still difficult for  first time buyers to take that first step onto the property ladder, so here’s to afford your first home. But first of all I need to tell you about
As well as raising the money to pay for the share, sometimes they call it deposit or down payment, in your new home, you need to think of the cost of the following:
-          Mortgage valuation or survey,
-          Legal fees, and
-          Stamp duty, the government tax you have to pay. It all depends on the value of the home you buy.
Also, owning a home brings with it costs and responsibilities. Every month you’ll have to pay...
-          Mortgage repayments
-          Life insurance cover
-          Building insurance
-          Council tax
-          Household bills, i.e., gas, electric, telephone, water bills, etc.

Don’t forget – you’ll also be responsible for all the repairs and maintenance of your home. You’ll need to budget for this on a monthly basis.

REMEMBER your home is at risk if you do not or cannot keep up mortgage payments or other loans secured on it.

Okay, here’s to afford your first home.

Ask the ‘Bank of MUM and DAD’ to help with the deposit. Research reveals that many parents intends  to help their children onto the property ladder. The bigger the deposit, the wider the range of deals available to you, so you should be able to negotiate a cheaper interest rate, making your mortgage more affordable.

Ask your parents to act as your guarantor.  Some lenders are more willing to lend when parents act as a guarantor because they take your parents’ income into account. This reassures the lender as your parents become responsible for paying the mortgage if you default.

If there isn’t any spare parental money up for grabs, bite the bullet and move back in with them, that is, if you already move out, and live with them  rent-free for a while. This will give you a chance to save up for a bigger deposit yourself.

Buy with a friend. You’ll be able to afford a better property or one in a better location with the benefit of sharing deposits, initial costs, mortgage repayments and maintenance costs. Make sure you draw up a legally binding agreement to avoid possible disputes.

Consider shared ownership. This is also known as affordable housing schemes. This is funded by the U. K. government to help people who can’t afford to buy outright. This is a cross between renting and owning a house. You can purchase a share, usually 25% to 75%, depending on what you can afford in the ownership of the property and pay a U.K.  government subsidised reduced rent on the remainder. You are given the right to buy in further 25% tranches of equity until you own your property outright. Although many of these schemes are aimed at key workers like nurses, teachers, firefighters and police, many are open to anyone with steady job.

Contact your local housing associations for the details about their shared ownership schemes. A good example of this is the Notting Hill Housing Organization, or visit for information.

Here’s another route, the HOMEBUY scheme. It is funded by the U. K. Government to help people to buy their own home with the help of a special loan. You choose a home on the open market anywhere in England and only have to pay the three-quarters of it with a mortgage and/or savings, and the housing association will give you a loan for the rest. You only pay the loan back it you want to, or when you sell your home. You need to be a council or housing association tenant who’ll move out of your rented home, or you must be with the local council housing waiting lists to qualify to the scheme.

Contact your local housing associations for the details about HOMEBUY schemes, or visit for information.

Further reading on Real Estate Investment GuideClick here to check it out, and here for another one.

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