Inspired Homes
  • Home
  • Contact Us
  • Privacy Policy
  • Sitemap
Inspired Homes

How to Get onto the Property Ladder

  • Milica Stefanovic
  • March 29, 2023
Source: thehouseshop.com

Getting on the property ladder is a major life accomplishment, but it is not one that comes easily to many people. Buying a house can be incredibly challenging, especially as many people find themselves stuck paying high amounts of their money in rent each month.

So, what are some of the best steps to take to get on the property ladder? The information in this post should help you to achieve your goal.

Get Saving

Source: nbcnews.com

Of course, the first step is to start saving. You need to scrape every single penny you can and make changes to your habits to get together a large enough deposit to put down. Generally, you need to be able to put down at least 5% to get a mortgage, but the higher the percentage, the more favorable your rates could be.

Of course, it is made easier if you are buying with someone, but you will still need to look at your spending habits and find ways to make sure that you are putting money aside each month.

It is also a good idea to open a tax-free ISA savings account where you can keep your deposit and watch it grow thanks to the interest rate.

Look into Available Help

You should also know that there are schemes available that can make it easier for a first-time buyer. A Lifetime ISA (LISA) is one popular option that sees the Government top up your account by 25% each year (you can save a maximum of £4,000 a year meaning that you can get a maximum of £1,000).

There is also the Help to Buy scheme for first-time buyers that helps people to boost their deposit by up to 20% (or 40% in London) of the purchase price of a new build home. There is also shared ownership, which involves buying a share of a property and then paying rent on the remaining part. In addition to schemes, you may want to ask parents or other family members if they can help with your deposit – every little helps!

Boost Your Credit Score

Source: thebalancemoney.com

Your credit score will have a major impact on whether you can get approved for a mortgage and what your rate will be. Therefore, you want to boost your credit score before applying – this can take some time, so you should check your score and make positive changes early. A few ways to boost your score include:

  • Checking for mistakes on your report
  • Registering to vote
  • Paying bills on time
  • Using low credit utilization and paying your bill in full

Hopefully, the information in this post will be useful and help you to get your foot on the ladder before long!

Related Posts:

  • Reasons Why You Should Get a Cctv Pipe Inspection
  • Trusted and Reputable Cash Home Buyers in the UK -…
  • How to Get the Best Deal on a Cement Mixer Truck
  • 7 Creative Interior Design Ideas to Get Your Space…
  • Cheap Marketing Tricks to Get Ahead of Competitors…
  • Things To Do To Your House To Get The Best Selling Price
Related Topics
  • Credit Score
  • Ladder
  • Saving
Milica Stefanovic
Milica Stefanovic

Hey, I'm Milica Stefanović, a seasoned Content Writer, Editor, and Sales Manager. I'm passionate about home design, nature, nurturing relationships, and cooking. Whether I'm crafting content, exploring nature, connecting with loved ones, or experimenting in the kitchen, I approach each endeavor with dedication and enthusiasm.

Previous Article

Comparing Window Materials: Which One Is Best for Your Home?

  • Natasa Pantelic
  • March 28, 2023
View Post
Next Article

10 Great Cottage Garden Plants for Your London Patio

  • Milica Stefanovic
  • March 30, 2023
View Post
Featured
  • Feng Shui Home Design 1
    What Is Feng Shui? Principles, History & How It Serves Your Space
    • June 18, 2025
  • modern heating solutions 2
    Enhancing Property Appeal with Modern Heating Solutions
    • June 17, 2025
  • 3
    Why Hiring a Pro Painter in Sydney Pays Off
    • June 17, 2025
  • 4
    How Does Gas Leak Detection Keep Your Home Safe?
    • June 17, 2025
  • 5
    Design-Led Living: What Boutique Spaces Can Teach Us About Home Comfort
    • June 16, 2025
Must Read
  • 1
    Innovations in Fire Door Technology: Enhancing Safety and Performance
  • 2
    Tips For Selling Your House And Buying A New One At The Same Time
  • Solid Surfaces Transform Modern Interiors 3
    How Solid Surfaces Transform Modern Interiors for Developers and Designers
Contact us

desk@inspiredhomes.uk.com

Inspired Homes
  • Home
  • Contact Us
  • Privacy Policy
  • Sitemap

Input your search keywords and press Enter.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.Ok