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Tips to Get on the Property Ladder With a Low Income

Tips to Get on the Property Ladder With a Low Income

Tips to Getting on the Property Ladder

Getting onto the property ladder has never been so difficult. With house prices constantly rising and wages not keeping up, there’s an entire generation of people struggling to call a home their own.

We’ve put together a list of things that people with a lower income could do to help get them on the property ladder.

Cut Out Those Luxuries and Start Saving

This one is the hardest to hear out of the bunch. Surely after spending time slaving away at your job, you deserve to treat yourself once in a while. Unfortunately, it’s too easy to get carried away, though. Setting your saving goals and sticking to them is a great way to generate some money for your deposit to get you started.

You will be amazed at the amount of cash you can save by getting into a consistent flow of cutting back on those treats. You’ll most probably need to say no to a few nights out, but if you’re committed enough, it’ll pay off.

Someone Writing Down Tips to Getting on the Property Ladder

Be Realistic With Affordability

By being on a lower income, a budget for the house you’re looking to buy should be a given. As this will probably be your first house, for example, you need to ask yourself if you really need that extra bedroom or the house with the larger garden? The thing is, if you want a bigger house, you’ll have to accept saving for a longer period of time.

Have a look at cheaper options, if your finances change further down the line at least you can upgrade.

Buy With Someone Else

If you’re in a relationship, then you’re probably already considering this. However, even if you’re not, it might be worth seeing if any of your friends are in a similar situation to you. You’ll only have to save up only half the deposit after all. Just make sure that you know the person well enough so you won’t regret it.

Other Tips to Get on the Property Ladder:

  • Make sure you’ve got good credit
  • Pay off those debts
  • Have a secure career
  • Research the market as much as you can
  • Have a clear understanding of mortgage products
  • Chat to a mortgage broker/advisor
  • Can the parents help?
  • Look into help to buy options

Once you’ve got your first place – furnishing it is the next cost to think about. If you’re looking for some funds to help with any home improvements, LoanBird has plenty of financial solutions to get you on your way. We can have the cash you need in your account in an instant.

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