The Reasons to Get Yourself Onto the Property Ladder Today

It is unfortunate but the number of first-time buyers currently in the United Kingdom is dropping and we may be able to blame it on the Covid pandemic and the cost of living. However, many lending institutions have made it incredibly difficult for any first-time buyer whether young or old to get their first property because of the terms and conditions that they put in front of them. You now need to come up with a very significant deposit in order for the bank to talk to you in the first place and so this is making it incredibly difficult for young couples to save up the necessary amount of cash. If you are trying to get yourself onto the property ladder at the moment then it is suggested that you keep trying because it seems that the prices for property keeps going up and doesn’t show any signs of letting up.

If you feel that there are a lot of barriers to entry in getting a mortgage when you visit general banks and building societies then maybe it’s time you turn your attention to Ascot Mortgages who really do go out of their way to make sure that you get to buy your first home as soon as possible. The thing is, you can’t keep on renting because you are effectively buying the property for someone else and at the end of your many years paying rent, you have nothing but memories. The following are just some of the benefits of getting yourself onto the property ladder today

It saves money

You might be thinking, how is that possible when the prices of properties are going up every single month and the answer is that purchasing your home will end up being much cheaper than renting for the rest of your life. Current statistics tell us that it is almost 10% more expensive to pay rent than it is to make mortgage repayments. That is a figure that you need to think about and to reflect on and hopefully it will help you to understand why getting yourself onto the property ladder as soon as possible is the best option financially.

It’s a safe investment

The property market has been increasing every single year for the past 40 years and prices will continue to rise. This is a very sound investment that you’re getting yourself into and you can look at it as your retirement nest egg when you decide to sell up and move to a smaller property. Prices will rise and fall but the property market remains resilient and it goes up in value much faster than the rate of inflation.

It’s always difficult to get onto the first rung of the property ladder, but once you get on it and you start paying off your mortgage then it opens up many other opportunities for you. Once you get the deposit together and you make your application for your mortgage, it is much easier to move up to different rungs of the ladder and purchase properties along the way.