If you are struggling to get onto the property ladder, here are some options that it could be worth considering:
Buying with friends or family
Looking to buy with friends or other family members is one way of getting on the property ladder sooner. It also means that you will be living with people you know and trust. That said, it is still sensible to seek legal advice before selecting this option.
Government Home Ownership Schemes
There is a wide variety of government backed schemes put in place to help buyers get onto the housing ladder. These include:
- Right To Buy - This allows council house tenants to buy their property if they're eligible.
- Right To Acquire - This allows eligible housing association tenants to buy their home.
- Social HomeBuy - This offers eligible housing association or council tenants the opportunity to buy a share of the market value of their current property.
You can get more information on all of these schemes from the government website - https://www.gov.uk/
If your lender doesn't think you can afford a solo mortgage, you could look at asking your parents or other family to be 'guarantors'. A guarantor legally agrees to be responsible for the mortgage payments if you are not able to make them. This is usually a short-term option and if agreed by your lender, you can get a guarantor removed at a later date if your situation happens to change. Guarantors should get their own independent legal advice.
Protect Your Family
Once you've had your mortgage approved, the next step is to think about protecting your property and family. A mortgage is usually not the only monthly payment you need to make, you also have to cover everyday expenses such as food shopping, utility bills, travel costs and so one.
It is not pleasant to think about but:
- How would one partner financial cope if the other was to become critical ill or pass away?
- Would continuing your current lifestyle make it harder to cope financially?
- Could you to continue to look after and raise your family?
In the current climate of the economy, it is even more crucial to look at protecting yourself and your family. Using protection products can help to offer financial peace of mind when it's needed most. They're designed toprovide you with a cash sum or monthly benefit (depending on the plan you select). They are payable, for example, if you die or are diagonsed with a terminal or specific critical illness during the policy term and are eligible to claim.
Please note that none of our protection products have any cash in value at any time.
Depending on the products chosen, they could help you to:
- Maintain your standard of living
- Pay your monthly bills and meet your daily living costs
- Pay off your debts
- Afford to stay in your family home rather than have to downsize
- Your age
- Other factors such as health and whether you smoke
- They'll help to fully identify your protection needs and make recommendations that are specific to your circumstances
- They'll answer any questions and concerns that you may have
- They can continue to review your requirements on a regular basis, taking into account any changes to your commitments or lifestyle.
Let us help!
We can also help your home purchase get underway by helping you to find the most suitable mortgage for your needs and circumstances and give you our expert advice on how to protect your property, income and family.
If you would like more information or help with your mortgage and protection concerns please call us on 01344 225 149 or 07979 690 056. Alternatively please send us an email at email@example.com
Your home may be repossessed if you do not keep up repayments on your mortgage
Simmonds Mortgage Services is an appointed representative of Stonebridge Mortgage Solutions Ltd and can source the most appropriate cover from its panel of insurers with a free review of you overall protection and insurance needs. As with all insurance policies, conditions and exclusions will apply.