If you want to purchase a house in #London, now is a great time for #first-time buyers with new opportunities across the capital due to #Brexit and the #COVID-19 crisis.
Let’s check what are the options???
Borrow From Parents
While the support of mum and dad might not be the solution for everybody, many of first-time London buyers are supported financially by their parents in some way. You might want to consider asking your parents to help you with your deposit, whether you are lucky enough to have parents who have put money away for your adulthood while you were a child, or if your parents are willing to lend you the money upfront to purchase your house with the agreement that you repay them later, helping you get on the property ladder faster. Even if you are in the one-third of London first-time buyers with parents who can’t afford to offer financial support with your #deposit, you may be able to get on the property ladder faster if your parents agree to be guarantors on your mortgage, putting you at a higher chance of being accepted.
Bear in mind the #Sharedownership Scheme
Shared ownership schemes are the ideal choice for people who are looking to purchase a house on their own and would otherwise take them a long time to save up for a deposit or be accepted for a mortgage on 100% of the property.
The Shared Ownership scheme is becoming increasingly more popular in London and allows first-time buyers to buy a certain percentage of a property and pay rent on the other share, with the option to gradually purchase more of the property over time.
This is an ideal way to get on the property ladder quickly since it requires a smaller deposit and mortgage to get the keys to your home.
Look for a New Build Property
New build properties are popular with first-time buyers and are often the ideal choice. Developers often offer equity loans for first-time buyers who are looking to buy new-build properties since they do not have to spend time selling a current property before they can purchase the house and move in.
Rent to Buy Homes
If you are currently renting in London, another option to consider that is designed to help you get on the property ladder quickly is rent-to-buy or leasing.
This option allows you to move into the home as a tenant with the chance to purchase the property once this is possible for you. You may be required to pay a deposit, but this is typically smaller in this situation compared to the traditional route, with deposits often as low as 2% of the property value. And, you will also benefit from the fact that the purchase price will be agreed upon and fixed when you move in as a tenant, so you will not be affected by a rise in property prices during the time that you are renting.
Property #Auctions
Fixer-uppers are becoming more and more popular among first-time buyers and are often the best way to get a bargain property and your foot on the property ladder quickly. Auctions are the ideal places to find cheap homes in London that are in need of renovation but bear in mind that you’ll need to budget for renovating and fixing up the home once you’ve got the keys….
Ready to buy??? It’s now time to check the right estate agents in London. Keep in touch with WELCHOME NTERNATIONAL, the excellent house-hunter.
We tailor our searches to meet your specifications, have extensive local knowledge, and generally, we have a wider variety of listings. We can also arrange viewings on your behalf, as well as help with price negotiation and buying procedures…
Commentaires