Property Buying Guide
Building a Deposit: Getting extra work, selling things, cutting down on spending and debt.
If you are worried about the property ladder getting further out of reach and wanting to invest in your own home rather than pay your landlords mortgage off, you need to do something about it. Owning a property is a long term goal and something worth making some sacrifices for.
The first thing you should do is to try and pay off any debts, starting with the ones charging the most interest.
You then need to think about whether there are possessions you can sell, or even things you can buy and sell at a profit – eBay has opened up a whole new market for individuals. Maybe your family and friends will let you sell their unwanted possessions – for a commission.
Then look at your time – can you do some extra work here and there? Do you really need a car? Could you do without luxury holidays for a few years? Can you cut back anywhere else – what does most of your money go on? Smoking? Going out? Petrol?
Can you reduce your rent by moving back home or opting for a house-share?
Be inventive – make some changes and you will soon like a reasonable prospect for a mortgage lender.
Find out more about how to build a deposit - or even get away without needing one:
Savings Gifted Deposits l A loan l Investing Abroad l Reducing the size of mortgage deposit needed l No Deposit Options