Friday, September 27, 2019

Get On the Property Ladder Sooner Than You Think

It can take a while to get on the property ladder, because of the costs involved
and needing quite a hefty deposit. But when you are renting, which can in many
cases cost more than a mortgage monthly repayment might, then you can really
face a bit of an uphill struggle. So here are a few things that you can do to
save for a deposit, without having to save for the next twenty years.

Stop Renting When you rent your own place you are likely to have very little money left over
at the end of the month. With things like bills, rent, and utilities, then it can mean
that you’ll have to sacrifice a lot of money to be able to save anything. So there are
a few options. 1. For starters, you could look to rent a room in a house, rather than having your own
place. Then at least you will have more money to save, and you know it will be only temporary. 2. Another option is to return back to your home with your parents, just for a little while. Again, it will help to reduce costs, as so many things will be divided, from bills and so on. 3. You could look to get a lodger in your rental, if you have a spare room or two. You’ll need to check that you are allowed to sublet where you are renting, but if you can, all it takes is advertising and then your rent can be split in half. That half that has been saved can then be put away into a savings account. 4. You could also look to rent somewhere smaller. Again, this could be temporary, but
a smaller apartment, rather than a house, could cost a heck of a lot less. So there can
be plenty of money to save. Get a Helping Hand with Your Deposit If you are able to get a little help with your deposit, then it can make buying a property much more realistic (and hopefully, something that can happen much sooner). There are a number of ways to do this. 1. One of the things that you need to do is to make sure that you are looking at a variety
of home loan brokers to see what the best deal is for you. There are a variety of different
interest rates and deposits needed, so you need to see what is going to work best for you. 2. If you have a parent with some money to spare, then could then lend you (or give you) the money for a deposit? Once you have the deposit money, making the monthly repayments are going to be similar to that of paying rent, but it just means you can get
what you want sooner than later.
3. If you can’t directly borrow cash from someone, then are there loans like a guarantor
loan that can make a difference. You just need to look for a guarantor to that will sign
to say that they can cover costs if you’re not able to.

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