4 Shortcuts Onto The Property Market

 Are you looking to get onto the property market? There are plenty of ways that you can do this, some of which are going to suit you more than others. Take a look down below where we’re going to be talking about four of the shortcuts that you can take to get onto the property market sooner rather than later. 

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Improve Your Credit Rating 

If you are struggling to buy a house, we’d bet money that there is a problem with your credit rating. Your credit rating is the evidence that lenders use to determine how much risk they'll take on by letting you borrow money. Most people have average credit ratings but some people who have borrowed and struggled to pay the money back have significant issues here. The good news is that there are simple ways to boost your credit rating. You just need to clear your credit cards and focus on borrowing that you can afford and can easily manage. Once your credit rating improves, you’ll be able to access more favorable mortgage options. 

Save As Much As You Can 

If you are buying a house then it’s important to save as much as you can for the deposit. This is another way that you can access some of the better and more affordable mortgages. There are lots of little ways that you can save more. But the best will be to use a budgeting app to take more control over how much you are spending, each week, month and year. 

Shared Ownership Schemes 

Another option that you have is to get involved with one of the shared ownership schemes that are available. At first glance, this might look pretty complicated to understand but it really isn’t. The idea of these schemes is to give first time buyers the option to purchase a new build property or a resale one. The thing that you need to understand about this scheme is that you do not own the property, but rather you own a share in it. So, when it comes to repayments, you pay the mortgage on the share that you own, and you pay rent to the housing association that owns the other share. In order to calculate shared ownership rent, you can look at an online calculator, or speak to a professional.

Buy A Fixer Upper

Finally, you could think about purchasing a fixer upper. The big benefit of a fixer upper is that they are available on the market for far less than they are worth. They will just need some love and care. The trick here is to find a house that has aesthetic issues but is sound at the foundations. This means that it shouldn’t have problems with wiring, structural integrity or pest trouble. These issues are expensive and will quickly turn a fixer upper that seemed like a fantastic idea into a nasty, growing money pit. 

We hope that you have found this article helpful, and now see some of the shortcuts that you can take to get onto the property market. We wish you the very best of luck, and hope that you manage to get the home that you are dreaming of.