- Tue 28 Sep 2021
With house prices having risen to record levels since the start of the pandemic, more people than ever have looked at either taking their first step on the housing ladder or perhaps getting back on the ladder after having taken a break. The question is with rents having also risen to record levels, how can tenants afford to purchase a property?
We often hear from tenants about a variety of steps they are taking in order to be able to afford to buy a property such as moving in with friends or perhaps back home with Mum and Dad for a bit, even moving into a house share to cut down their outgoings. It is fairly common place now that relatives are the source of a deposit, whether it’s the bank of Mum and Dad or the growing trend of Grandad and Grandma!
So what else can be done to help take that increasingly growing step on to the housing ladder?
Some people aren’t aware that the Help to Buy scheme is still very much available and whilst it has changed significantly since its launch it remains a great way of securing a new home. If you’re not familiar you can find out more about the Help to Buy scheme on our dedicated page . In brief if you are keen on a brand new home then the Help to Buy is almost certainly a great way of making the step.
Mortgage products are ever changing although there appears to be a real appetite for lenders to lend their money and are enticing more borrowers to take out mortgages both with historically low interest rates and also with products that require a small deposit, typically between 5 and 10 %. In order to explore your options fully we always advise speaking with an advisor that can access the whole of the mortgage market to source the best option for your needs. You can read what is typically involved in a mortgage interview from our team of specialists here. It’s quick and easy to arrange a video or telephone call should you be keen to find out what your options are.
Whilst there isn’t a house buying magic wand available, there are options out there and with house prices having risen lately and expected to continue doing so into 2022, if you’re in a position to do so, it could be well worth you investigating your options today.
Bradleys Estate Agents offer a range of moving related services including a team of Mortgage Advisors, conveyancing, insurance, land and new homes across all of their 30 offices covering Somerset, Devon and Cornwall.