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Get on property ladder sooner

Day to day, we speak with plenty of first-time buyers. One of the most satisfying parts of our jobs here at Chambers Financial Services is helping those purchasing their first property onto the housing ladder.

A very common complaint is how long it can take to get on the ladder, and how much can get spent in rent in the meantime. So what if it were possible to get on the ladder sooner?

These are my thoughts on things that can help to get sped up making that first step.

1 – MAXIMISE YOUR SAVINGS

One of the biggest factors for securing a mortgage is having a chunk of savings together that can be put towards a deposit. Think about ways that you can maximise the amount of savings you’re making on a monthly basis – look at all your monthly outgoings and see what can be cut back, and what can be cut out completely.

If saving a deposit seems challenging, don’t fret about having a 10% deposit – there are other mortgage options available at a lower initial upfront deposit.

property ladder sooner

2 – INCREASE YOUR INCOME

If you’re looking to get that deposit together sooner rather than later, in addition to reducing your monthly spending you can also look at increasing your income. By taking the two-pronged attack, more funds can be put aside each month, thereby hitting your financial goal more quickly.

There are plenty of ways that this can be done now as well. It’s possible to look at part-time jobs, over time or even setting up a side business to secure a little bit of additional income.

3 – BUDDY UP

If you can’t afford a property on your own (don’t worry, not many people can) then you can look to purchase a property with someone else. For many people, this will be with a partner or a spouse, but there are other ways to purchase a property with others.

Some lenders are now accepting mortgage applications from groups of friends or siblings that want to help each other to climb up the property ladder. Regardless of whether you’re looking to buy with friends, siblings or a partner – take appropriate advice before moving forward.

4 – LOOK AT DIFFERENT AREAS

Now, this is a tricky one because some people are pretty tied to an area by work or family commitments. However, it’s no secret that there are some parts of the country that are much more affordable than others.

property ladder sooner

Beyond thinking about other parts of the country that are more affordable, there are always local pockets – areas in a county, or even in a town, that are not as expensive as others. It’s worth exploring different options, looking at affordability before getting your heart set on a particular property.

5 – EXPLORE YOUR MORTGAGE OPTIONS

There is a myriad of mortgage options open to you, don’t think that just because you haven’t got a big chunk of deposit that home ownership is closed off to you. A smaller deposit could mean having a higher interest rate or having to pay more over a 30-35 year term.

Ultimately, having a friendly team of professionals on your side to walk you through the options and ensure you’re on the right track is invaluable.

Let us contact you

Simply complete the details above, and a member of our friendly team will call or email to arrange an appointment.

Important: Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.

What is the next step

Step 1

Life continually moves on and with that comes increased responsibility. Whether you are buying a home or starting a family, it is an exciting time but you must plan ahead now to ensure that if something goes wrong, you and your loved ones are fully protected.    

Step 2

Speak to our friendly team to discuss your needs. Simply book an appointment and we will advise you on the right level of cover. With whole of market access we will ensure you find the right products for your individual needs.

Step 3

Our expert team have a wealth of experience helping individuals and couples plan for their futures. Whether you are considering mortgages, life insurance or income protection we will find the right option for your circumstances protecting you for the future.

Ready to talk to a professional

Important: Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.

Let’s get started

To arrange an appointment with our friendly team, all you have to do is click the button below.  We’re looking forward to meeting you.

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About:
Chambers Financial Services Limited is an Appointed Representative of Quilter Mortgage Planning Limited which is authorised and regulated by the Financial Conduct Authority. Registered in England and Wales No:08201095, Registered Address:Arlington House West Station Business Park, Spital Road, Maldon, England, CM9 6FF We normally charge a fee for mortgage advice, however this will be dependent on your circumstances. Our Typical fee is £499. Click here for more information. Internet Privacy Policy

Important:
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured upon it. A fee of up to 1% of the mortgage amount may be charged depending on individual circumstances. A typical fee is £495.

The Financial Conduct Authority do not regulate buy to let mortgages.

© Chambers 2019    |    Privacy Policy   

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