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How to get on the Property Ladder in the West Midlands

We often get asked how to get on the property ladder by first-time buyers.

We always tell them that it is achievable with some patience, hard work and dedication to make it a reality.

If you are a first-time buyer, our useful tips on how to get on the property ladder could help you make your dreams a reality sooner than you think!

1)  Start saving early

The sooner you start saving, the sooner you’ll be able to get your foot on the ladder.

A great way to maintain consistent savings is to set up a direct debit from your bank account to your savings account every month.

Try to achieve a regular transfer of a specific amount each month on payday. That way, you won’t miss the money each month as you stash it away!

2)  Stay with your parents if you can

It can be tempting to move out and be independent at the very first opportunity, and of course, that’s not necessarily a bad thing.

However, if you’re serious about owning your own property, then forking out at least a few hundred pounds a month on rent is not the best idea. Those monthly payments could instead add up to a substantial deposit over time.

3)  Make sacrifices and prioritise

This could just be missing the odd night out, or not buying an expensive pair of trainers you’ve got your eye on.

Any chance to save money is an opportunity to get a little closer to the first rung of the property ladder, so think twice before making any impulse purchases.

4)  Be realistic and flexible

If you’re serious about buying a property, there needs to be some room for compromise.

It might be that you choose a smaller property, for example, a one-bed flat instead of two, or you find an ideal sized property but with a slightly longer commute than you’d like.

When it comes to your first property, the most important thing is just getting on the ladder.

5)  Speak to a mortgage advisor before you view any properties

When you’re able to put down a deposit, arrange meetings with a couple of mortgage advisors to find out exactly how much you can borrow.

6)  Look into all Your Options

There are many different initiatives available to help first-time buyers get on the property ladder, and while some of them might not seem ideal solutions, they can help you get there more quickly.

Help to Buy is one example of a government-backed scheme that allows you to buy a property with just a 5% deposit, with the government lending you 20% interest free for five years.

Alternatively, you could look into shared ownership. This allows you to own a percentage of the property while paying rent on the other part.

Again, it’s worth speaking to a mortgage advisor first, who will go through all the options with you.

Oulsnam are your local property experts for the West Midlands area. We have a range of mortgage experts to help you with your finances.

Contact us today for further guidance.