3 Ways you could achieve the move to your dream home in 2020

If you’re currently renting and trying to get onto the property ladder, then would you be ready to take on your dream home in 2020? Will this next year coming be the year that you achieve your goal? If you’re trying to save money for a deposit, getting onto the property ladder doesn’t have to mean not going out for the rest of time (although it’s quite easy to do this in January, for sure!) it doesn’t mean having to scrimp and sacrifice. You may be surprised to learn that you may not need such a large deposit as you thought, or that actually, your current financial circumstances allow you to borrow more than you initially thought. Here are some tips that might just help you get onto the housing ladder sooner into 2020 than you think, and you could own your first home in Sussex.

Step 1 – Get help from the professionals

Don’t feel that you can’t ask for help and advice with mortgages and home financing until you’re ready to buy. Mortgage Consultants will gladly have a meeting with you at any time. The majority of intermediaries will offer a free initial consultation to get an idea of what you’re trying to achieve with your house purchase. They can tell you realistically what you will be able to borrow and the monthly cost of this. With mortgage rates at an all-time low in the current economic climate, you may be presently surprised at just how much the monthly repayment would be for a loan larger than you thought you could initially borrow, especially as lenders are now happy to lend on up to 40-year terms depending on age. You may find your budget for house hunting increases overnight and suddenly opens up much more opportunities for you. Your mortgage advisor will also help you plan your outgoings to make sure whatever you want to borrow will be affordable and sustainable in the longer term.

Step 2 – Consider the government-assisted schemes

If you’re not familiar with the government Help to Buy services, then here’s a little homework for you – research the various schemes that are available, especially for new homes, and make sure you register as an interested buyer. It’s free to sign up and doesn’t commit you to anything but ensures that you receive updates for local properties as they become available.

The Help to Buy Equity loan, for example, is available on approved new build developments and means that depending on your circumstances, you could only need to put forward a 5% deposit, and take a 75% mortgage, with the loan covering the rest.

Step 3 – Befriend your local New Homes Teams

Our New Homes team at Oakley work very closely with our developers and know months and sometimes more than a year ahead about where new homes are going to be built. They can give you some advice about new developments occurring in the near future that might arise at around the same time you reach your deposit goal. In addition, many developers offer ad hoc incentive schemes that might be available for first-time buyers. Quite often these are generous schemes such as Stamp Duty contributions, deposit bonuses or payment towards legal fees pop up, which can help with the cost of buying and moving. Make sure the New Homes team know what you’re looking for, where you’re looking, and when you want to move, and they can then ensure you’re the first to know as soon as these amazing offers pop up or as soon as a site is ready to start selling off-plan – especially those with Shared Ownership opportunities or Help to Buy eligibility.

Do get in touch with our local offices if you’re ready to start your journey on the property ladder this new year. We’ll gladly point you in the right direction to Mortgage Advice and Help to Buy schemes, plus add you to our mailing lists if you want to stay informed.