Under 30? The Housing Ladder Isn’t Out Of Reach

Just because you may be a ‘millennial’ doesn’t mean your sole preoccupation is where you can get your next hit of avocado on sourdough toast. You are much more than this. You want a home to call your own as you’ve done the whole rental thing and you’re ready to move on and put down roots.

Seeing your hard earned cash lining the pockets of your landlord each month is becoming harder and harder to bear as you struggle to save up for a deposit for your own pad.

property

However, all is not lost. Just because you are under thirty doesn’t mean you are incapable of securing your own home. Take a look at how you can ensure the housing ladder is not out of your reach.

Improve Your Credit Rating

It doesn’t matter if you have a bumper-sized deposit for a home purchase sitting in your bank patiently waiting to be utilized, if you haven’t got a good enough credit rating no home loan lender will see you as a responsible enough borrower.

You need to go about enhancing your credit rating. Although it may sound counter-intuitive, by taking on more debt, showing that you have not overstretched yourself and that you can pay any money back in a timely manner can boost your financial credentials.

Sites like https://personalloan.co provide impartial guides to the personal loan applying process. By taking out something short-term and repaying it quickly, you can be a safer bet for home loan lenders.

Budget

As you near home purchase time, it’s vital that you budget carefully as home loan lenders will want to see evidence of your spending habits. You don’t need to cancel your gym membership, simply make sure that you don’t head into your overdraft each month.

You need to be comfortable living within your means otherwise a mortgage lender may deem you a risk. If you struggle with your finances, budget using a template available at https://templates.office.com/ and record all of your income and expenditure. This way you can save money by curbing the needless frivolous spending.

Don’t Overstretch Yourself

While you might want the three-bed coastal condo, it might not be the ideal first-time purchase and could be way out of your price league. Stay modest for your first step onto the housing ladder.

A one bed flat will suffice especially if you can add money and outperform the market. Don’t be seduced by the decor and think about how you can enhance a property as you go on viewings with real estate agents. Keep well within your means and feel safe in the knowledge that you will easily be able to make your monthly mortgage repayments.

The tag of ‘millennial’ shouldn’t be an instant dismissal of a secure financial future. While wage to property price ratios are ever-widening, you can still prove yourself to be a responsible (if young) potential homeowner. Do all that you can to find your feet on the housing ladder and secure your financial future.

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