H&N Issue 36 September 2019

FINANCE CORNER
BUSINESS FEATURE
Getting on the property ladder!
So how hard is it to get onto the property
ladder? The challenge is normally either not
having a deposit and/or not having enough
income to take out the mortgage.
THAT SAID, THERE ARE PLENTY OF WAYS to become a homeowner,
and often a chat with an experienced and independent mortgage
adviser could open up opportunities you may not be aware of.
Deposit - There are plenty of schemes that will allow you to buy
a home with just a 5% deposit (5% of property value). This can be
savings, or a gift from family or a third party. Some grandparents are
even taking lifetime mortgages to give an early inheritance and help
their grandkids get on the property ladder.
Buy vs Rent - The crazy fact is that, for most, it’s cheaper to pay a
mortgage each month than rent your home. Often, the reason people
can’t buy is down to lenders not willing to lend enough. There are ways
of boosting this. Buying with others boosts income, and two friends
buying together to get on the property ladder can be a good stepping
stone to owning on your own.
Some lenders will lend more if you have a guarantor. This is where
another person, normally a family member, guarantees the mortgage
will be paid. This can be a short-term arrangement, and normally they
wouldn’t be on the property deeds.
Help to Buy schemes can enable first time buyers to buy 75% of the
property, meaning they don’t require such a large mortgage so they can
afford to buy. They can purchase the remaining 25% when their income
increases over time.
Lastly, Shared Ownership schemes are available to some. A housing
association will sell a share in the property and rent you the remainder.
You can buy much smaller percentages
and, over time, purchase additional
chunks of the property.
This is a snapshot of the options
available. If you are serious about getting
on the property ladder but aren’t sure
how to do it, pop in to see one of our
expert mortgage advisers and we will
be happy to explain your options and a
route to property ownership.
Emerald Finance has offices at 10
Chapel Road and 77 Rowlands Road in
Worthing. Appointments can be made
on 01903 222940 or just drop in! n
MATT SUTTON, MANAGING
DIRECTOR OF EMERALD
FINANCE, your local award
winning financial advisers, is
here to answer your financial
questions. Got a query? Email
info@emeraldfinance.co.uk
14 | September 2019 | HERE & NOW ADVERTISE NOW 01903 686100