Whats the best way to get on the property ladder as a first time buyer?

Question

I really want to get a property but i'm not sure what to do? Is it best to do it alone and get 100% mortgage or should you try to do a joint ownership with someone but risk them wanting to sell when u dont want too? Shared ownership is the cheapest way but its a government scheme which i'm sure is flawed - u cant ever rent your room out (& i a want to have the option to travel later)! Is there someone in the same position or who has done it alone and knows what to advise? let me know your thoughts!

Answer 1

try 100% mortgage deals

Answer 2

I'm 26 and still living at home. House price are ridiculous these days - getting on the first rung is near impossible unless you do something drastic.

I personally found a house that was derelict for 6 years and was in bad shape. I traced the owner, made a silly offer and he accepted (to my surprise). The offer was £20K less than what it surveyed at and so as soon as I got the deeds I could re-mortgatge to free up that £20K and use it for renovations.

This is all great if your hands on and can do work yourself, however finding a place that is below market value and selling it straight on with no work at all on your part will also get you some instant cash.

I did all of this when I was in about £25K debt, so I did struggle but I got through. I now have cleared my feet, have a nice car and have started my own company out of this. However - still ain't got no house yet LOL. Working on it though but will do up another property to make more money to get the place I want.

Alternatively speak to a financial advisor and contemplate a 100% mortgage - chin up, you'll get one soon enough!

Answer 3

Save really hard, get the biggest mortgage you can, and buy whatever you can afford. It's the only way to be sure you own everything, and once you've a step on the ladder, moving up's a lot easier.

When I was trying to buy my first house the bank said I didn't earn enough for what I needed. So I took a part time job in the evening as well as my full time job, After three months, went back to the bank with all these extra pay slips, they gave me the money! You can always afford more than they're prepared to give you - they just err on the side of caution. So then I quit the evening job - and bought my house! After 4 more moves in quick succession I now own the house of my dreams!

Answer 4

I got a 100% mortgage and borrowed a bit more over so I could buy a cheap house and use the over borrowing to do it up. Almost one year later and I'm nearly done, I'm then going to sell and do it again. I should hopefull earn enough profit to get a better one next time or put deposits down on 2 houses.

It's been a long slog so good luck to you.

Answer 5

There are many lenders who offer 100% mortgages so it basically depends on whether you can afford it, and what your current long term plans are. If you're planning to sell up and travel in the near future (e.g. 1-2 years), then you may consider renting, as you will save on estate agents fees etc. However, if its more mid-term, then it depends on what you expect to happen to property prices - which no-one can predict.

Four years ago, I took a 115% mortgage, and now I have about 30% equity in my existing property.

Answer 6

There are a great many programs designed to help first time buyers into home ownership. Some even allow you to finance a portion of your closing costs and finance 100% of the purchase price.

If you are in the United States, I would be happy to help you investigate your options at no cost and with no commitment.

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Answer 7

This depends on how much of a loan you can afford the payments on, and the prices in your area. Partnerships are certainly one way to stretch your money. At least in the US, 100% financing is pretty easy to come by for people whose credit score isn't putrid - but make certain you can afford those payments - the real payments - for as long as you have to.

If you're in a stable situation with a stable loan, it's hard to lose money on real estate in the long term. But when you start doing short term adjustables, interest only, and negative amortization loans, you subject yourself to shorter deadlines that may not allow a pleasant resolution.

Answer 8

Save up as much money as you possible can at first, so that you can put this down as equity.

Look at properties in areas that are good areas but are not drowned out with knobs paying stupid prices for them.

Once you have founf that area, start looking at houses, and look at types you like, then try and get one where someone wants a quick sale, that way they might lower the prcie a wee bit for you. Thats what happened to me 3 years ago.

Answer 9

club alongside with a buddy or 2 or extra relying on length of property and communicate over with a private loan service. The lenders are a lot extra open to the idea of shared property possession / mortgages now. result should be that each and each and every one earning are totalled and private loan volume in accordance with mixed earnings. you would want to attraction to up some type of legally binding rfile that defines what occurs in assorted situations, which contain lack of existence, dispute and so on.

Answer 10

buy in the cheapest area you can find then rent it out , don't tell anyone and no-one cares . in 2 years inflation will mean that you can use this house for a deposit on another so do it again and so on and so forth until you can either sell all or your making sufficient rent to buy the property of your choice .

Answer 11

Never rent - because the people who benefit is the landlord - you are paying off their mortage and say you lived there for example 5 years and the value has gone up, the landlord has made a profit and you have made 0