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How to Get on the Housing ladder

Image courtesy of Momo
Image courtesy of Momo
With house prices rising so rapidly it is becoming more difficult for people to get on the housing ladder. However, there are things that you can do to give yourself a chance if doing so. It may seem that prices keep rising and that things are impossible, but if you really focus then you will find that it is possible, with discipline and hard work.

You will need to save for a deposit if you want to buy a house. This will need to be a percentage of the purchase price and tends to be anything from 5% upwards. The higher the deposit the higher the mortgage you will be able to get. This means that you will need to save up as much as possible. Getting into the habit of saving some money each month is really good anyway as once you own a home there will be repairs to pay for on top of the mortgage and so you will need some money to fall back on.

Credit record
If you want to get a mortgage to pay for your house purchase then you will have credit checks done. If your credit record is not good enough you will not be allowed a mortgage at all. If it is not very good, then you may be allowed a mortgage but at a higher interest rate. Therefore it is a good idea to do what you can to improve your credit record. Firstly get a look at it and make sure that it is correct, sometimes old or incorrect items can appear on there. Then make sure that you pay all bills on time so that it can be improved.

Good permanent job
If you want a mortgage then you will need to have a permanent job which pays well with a regular income. This is not always easy to find, but it will make a huge difference. Therefore you need to start looking right away. If two of you are thinking of having a joint mortgage then the both of you having good jobs could make a big difference. Not only will it help with getting mortgage approval but it will also help with saving for a deposit and improving your credit record.

Move in with a partner
Having a person to share with can make a huge difference. They will not only be able to help with the costs of owning a home but also with the mortgage approval as well. They will be able to have their income considered when the lender will be looking to see whether you can afford a mortgage. Only if they have a poor credit record should you not include them.

Pay off debt
If you have any debts then it is really wise to pay them off. It will help to improve your credit rating, allow you to save more and give you less outgoings for the lender to consider when they are looking to see whether you can afford a mortgage.



Rachel Henderson is a professional freelance writer from the UK. She writes on many subjects but specialises in personal finance. As well as contributing to various blogs and websites she has her own website tracking her own money making process and sells her books through

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