Getting onto the property ladder is tough. It takes hard work, diligence and a huge load of research. In this day and age you need to save up more and more money for a deposit, regardless of what kind of job you do. This takes time. There are many blaming points. Some say it is the government, some say it is the lack of housing. Others say it is the investors who buy up huge tracts of housing to rent out at a profit. Whatever the reason, it means you are going to struggle to get your first property, especially without help from mum or dad. These tips can help you get there. There are many myths regarding the property ladder, but you can expel them and succeed. It takes patience, perseverance and sometimes, just a little luck.

    One of the first things you need to do is cut costs. Try to limit your outgoings. You are going to need to save up cash, and to do so you need to cut back. Look to the Netflix subscription, the ill used gym membership, little things add up. Cut them out and save the cash instead. The property ladder is tricky, but you certainly need money to get ahead. You can find more out about the property ladder at http://www.skyfiveproperties.com/blog/how-long-does-it-take-to-buy-a-house. Remember, the more money you have not only the better house you get, but also the higher likelihood of being approved for a mortgage. It also means you’ll be paying less off over the period. Meaning you can put down a ten percent deposit instead of a five, or maybe even more. This means you get to pay less interest over the duration of the mortgage. Something you won’t think about at first, but which will stand you in good stead as the years tick on by.

    Property Ladder Blues Google Docs

    You need to think about your credit score too. It is an important aspect to the whole mortgage situation and means you need to focus on getting a good one. Sign up to a site that offers free credit checking, such as experian. You need to be on top of it. Make sure you are signed up to vote, and that you have some kind of history. In some cases no history is worse than some bad history. You need to be able to show that you can see things through and pay up. Get a credit card, make small payments on it and then pay them off straight away. This rapidly increases your credit. Just don’t get a card with a huge limit.

    You should also look to purchasing something on finance. Be it something small, or something large like furniture or a laptop. This shows you can budget and pay back what you owe, meaning you are good with debt and likely can be trusted in paying it back off. Focus on getting your credit rating up. This, coupled with a nice deposit and a good chunk of disposable income due to your cost cutting makes a potent mixture and can see you in your first home in no time.

    Property Ladder Blues Google Docs 1

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