How to get on the property ladder with a low income
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. There are plenty of people who have been fortunate enough to have parents who were able to put some money towards their mortgage, but that’s only a fortunate few. We’ve put together a list of things that people with a low income can do to get on the property ladder.
Cut out luxuries and start saving
This one is the hardest to hear out of the lot. Surely after spending time slaving away at your job, you deserve to treat yourself once in a while. Unfortunately it’s easy to get a little bit carried away. A takeaway once a week and a couple of drinks after work all begins to add up. If you put this money aside in a savings account you’ll be well on your way to success.
As a new buyer, house prices can seem terrifying and completely out of reach. That’s because a lot of them are. This is why it’s important to be realistic in your search. As this will be your first house you need to ask yourself if you really need that extra bedroom and car parking space? 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 not to regret it.
If you’re looking to buy a house then Loan Bird has plenty of financial solutions to get you on your way. From Bad Credit Loans to Short Term Loans, you could have the cash you need in your account within minutes.