Writing Sample – Property

So you’re looking to take the plunge and enter into the property ladder? Taking those first step can be daunting, so ensuring you have all the necessary tools to make it as painless as possible is essential. Here we can have a look at a few points anyone looking to get onto the property ladder needs to take into consideration.

Improve Your Credit Score

One of the most important financial points to look at when applying for a mortgage, or any other type of loan, is your credit score. Banks will be reluctant to loan money to a first time homeowner if they haven’t got good credit. From their point of view, they need to make sure you’re going to be able to pay it back.
There are a number of ways to ensure good credit; paying back your loans, closing down old credit cards, or, if you have never had one, get a credit card and pay off the borrowed balance each month.

Save For The Deposit

Paying down as big a deposit as possible means not only will you have less to pay back to the bank, but you will also have smaller monthly payments. Of course, saving that initial down payment is the hardest part of the financial process, but it pays off in the long run.

If you are struggling to save that initial amount, there are a number of way to get help. For instance, you may keep your deposit money is a savings account such as a Lifetime ISA (UK) in which the government tops up your savings. In some cases, buying with friends or family is a great way to pool money and get somewhere a little bigger.

Factor in Extra Costs

When considering buying a house, the main focus is on the deposit and repayment. In actual fact, there will be many extra little costs along the way. These add up rapidly.

It is worth remembering that a lot of houses will need to be surveyed  to ensure they are a worthwhile investment. Solicitors and agents will both also expect payment for the paperwork and administration. All these costs will be chipping away at saving, so keep on top of them!

Enjoy Yourself

House hunting can be exhausting, and it quickly becomes a chore. Try to remember that you’re searching for your first proper home, and that you will soon become the proud owner of your own brink and mortar. When you crack that first celebration bottle in your own kitchen, it will all seem worth it.