If you’ve looked into buying a home but have had to tell yourself it’s too expensive and it’s not going to happen, then I’m here to tell you that you’ve probably not tried everything. While a home is an incredibly expensive investment, there are lots of ways you can make the purchase a little easier and you’d be surprised just what you can manage if you’re willing to think outside the box. If you’ve been turned down for a mortgage, or you don’t have a deposit, then there are backup plans. Read on and let’s look at some of the other things you might want to try…
If you have been refused a mortgage then you may think you won’t be able to pay for a property. That makes sense on the face of it, but actually you may find there are ways around this problem. For one, you could try approaching a company that offers a guaranteed mortgage – meaning they’ll take people even if they have a bad credit score. Another option is just to try improving your credit score which you can do relatively quickly if you use a credit card and are careful to always pay back the loans you take on it.
Teaming Up/Getting Help
Another option is to try and get help on your mortgage/deposit and there are many forms this can take.
One popular options for instance is to turn to parents for help. If you are fortunate enough to have parents who can help, then you should take this opportunity rather than letting it pass you by, and you should consider asking them for a loan or even to buy a property for you to live in which you can then pay back. For them it could be a nice investment, and chances are they’d be happy to do anything if it led to you having a nice home to live in.
Otherwise you could try moving into a property with a friend or even a group of friends. Split the mortgage between you and that way you can pay a smaller deposit and much smaller monthly repayments. Of course the whole property won’t be yours, but it’s a much quicker way to get onto the property ladder which then might allow you to move your way up in the world.
The Right Home
Alternatively you could just try looking into a cheaper home. This might mean buying a property that’s in another location (which can save you thousands), or it might mean buying a much smaller property. You may not think you can afford a home, but if you look at studio apartments somewhere that’s not that sought after you’d be surprised – and at least that way you’re on the ladder.
Finally, try looking into different schemes. That might mean getting the government to pay towards your deposit, or it might mean renting at first and then buying the property later on. There are lots of options and if you do your research you’ll probably find one that suits you.