Our Guide to Planning Your Journey to Property Ownership

Getting on the property ladder can be a daunting task, especially if you’re currently renting. However, with the right advice and planning, it’s possible to make your dreams of owning your own home a reality.  To help we have put together a guide to help with planning your journey to property ownership…

Here are some tips for getting on the property ladder from rented accommodation in the UK:

Check Your Credit Score

Your credit score is a crucial factor in getting a mortgage. Before starting an application, check your credit score and make sure it’s in good standing. You can improve your credit score by paying bills on time and reducing your credit utilisation.

Save for a Deposit

Saving for a deposit can be challenging, but it’s a crucial step in buying a home. Ideally, you should aim to save at least 10% of the property’s value. This will also reduce the amount you need to borrow and your monthly repayments. Consider setting up a savings plan and sticking to a budget to help you save.

Research the Market

Before buying a property, do your research and get a feel for the market. Look at the prices of properties in the areas you’re interested in and consider speaking to a financial advisor or mortgage broker. They can help you determine how much you can afford to borrow and what type of mortgage is best for your circumstances.

Consider Shared Ownership

Shared ownership is a government-backed scheme that can help first-time buyers get on the property ladder. Under this scheme, you buy a share of a property and pay rent on the remaining share. You can gradually buy more shares over time until you own the property outright.

Be Prepared for Extra Costs

Buying a property comes with additional costs, such as stamp duty, solicitor fees, and survey fees. Make sure you budget for these costs to avoid any surprises.

Getting on the property ladder from rented accommodation in the UK can be challenging, but it’s by no means impossible.

How can we help?

Using a solicitor when remortgaging your property is highly recommended. A solicitor can provide valuable legal advice and ensure that the remortgage process is executed correctly. They can help you understand the terms and conditions of the new mortgage and provide guidance on any potential risks or issues. They can also assist with the legal paperwork and ensure that the remortgage is registered with the Land Registry. By using a solicitor, you can have peace of mind knowing that your remortgage is being handled professionally and in compliance with all legal requirements.

Here, at Hunton & Garget, we have vast experience across the remortgage sector and are always happy to answer any queries you may have – you can find full details of our services here and please don’t hesitate to contact us if we can be of any assistance.