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Getting onto the Property Ladder

6th Mar 2024

Getting on the property ladder can be challenging, but with careful planning and financial discipline, it’s certainly possible. Here are some top tips to help you:

  • Save for a Deposit: The larger your deposit, the better mortgages deal you can access. Aim for at least 5-10% of the property’s value.
  • Understand your Budget: Assess your income, expenses, and savings to determine how much you can afford to borrow. Consider additional costs like legal fees, surveys, and stamp duty.
  • Improve your Credit Score: Lenders take your credit score into consideration, so pay your bills on time. Avoid unnecessary credit applications, and check your credit report regularly.
  • Research Mortgage Options: Shop around for the right mortgage deal for you. Fixed-rate mortgages provide stability, while variable rates may offer lower initial payments.
  • Seek Professional Advice: Consult with mortgage advisors, financial planners, or property experts to gain insights into the market, mortgage options, and potential pitfalls.
  • Consider Shared Ownership: Share Ownership allows you to purchase a share of a property and pay rent on the remaining share. Over time, you can increase your ownership percentage.
  • Look for Affordable Areas: Consider locations where property prices are more affordable. Be open to exploring areas that are slightly outside your initial preferences.
  • Negotiate: Don’t be afraid to negotiate on property price. Sellers may be willing to compromise, especially in a buyer’s market.
  • Be Patient and Persistent: The property buying process can take time. Be patient, stay persistent, and don’t rush into a decision. Wait for the right property and the right deal.
  • Factor in Additional Costs: Besides the mortgage, consider other costs like home insurance, maintenance, and council tax. Ensure you have a realistic budget that accounts for all expenses.
  • Build a Stable Employment History: A stable job history can strengthen your mortgage application. Lenders often prefer borrowers with a consistent income.
  • Review Government Incentives: Stay informed about any changes or new government incentives that could benefit first-time buyers. Policies may evolve, impacting your options.
  • Network and Research: Connect with local estate agents, attend property events, and auctions, and join online forums to stay informed about market trends and opportunities.

Remember, that getting on the property ladder is a significant financial commitment, so it’s crucial to do thorough research, seek professional advice, and make informed decisions based on your financial situation.

At 3mc, we have a team of expert advisers who can discuss all your mortgage requirements. If you would like to discuss your options, give the 3mc team a call on 0161 962 7800.

All calls are recorded for training and monitoring purposes. 3mc for intermediaries only.

*Your home may be repossessed if you do not keep up repayments on your mortgage. 3mc (UK) Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register https://register.fca.org.uk/s/ under reference 302992. Please note: The FCA do not regulate Business Buy to Let Mortgages.