If you’re looking to get in the property ladder in 2020, it might at times seem like a bit of a pipe dream. However 380,000 first time buyers achieved it in 2019, so you can too! Experts in property advice in Liverpool offer a step-by-step guide to achieving your property-owning dream.
Work out how much deposit to save
Most lenders would require you to have at least 5 per cent of a property’s purchase price to put down as a deposit. This can be tough if the property prices in the area you want to live are high, but figure out how much you need before you begin.
Look at how much you can borrow
The size of the mortgage you are eligible for coupled with the deposit you can save will determine your budget for buying a home. Most mortgage lenders will offer you between three and four-and-a-half times your annual income, plus anyone you’re buying with.
Research first-time buyer schemes
There are government schemes to help first-time buyers get on the property ladder, such as a Help To Buy equity loan or up to 30 per cent discount on new homes.
Research new areas to move to
It’s possible that your budget isn’t going to stretch to buy a property in the area you desire, so prepare to search further afield. Research and shortlist potential areas, and visit them to see how they feel. Also, be sure to work out how long it will take to commute to work, and visit friends and family.
Start house hunting
Once you know where you want to live, start hunting! Many online property sites will allow you to set up alerts for new properties on the market. Also, make appointments to view houses within your budget, to get a feel.
And finally, once you’ve found your dream home, make an offer, and arrange a mortgage.
If you are needing help with the Merseyside local property market, then get in touch today.