Here’s How To Get Yourself On That Property Ladder

Most of us dream of owning our own home. It’s a good investment, and it buys us the freedom to live how we want to. If you are in a good financial position, then it makes sense to secure your future with bricks and mortar. However, getting to the point where a mortgage lender will be happy to provide you the backing is tough.

It is a lot easier to secure a mortgage for a property if you are in a long term relationship. This shares the responsibility of paying. Two pay packets are a safer bet for the mortgage provider than just relying on one to make the monthly payments. If you are on your own, you might want to consider how much pressure there will be on you financially to cover the mortgage alone.

You will also need to have a good deposit. This is usually around ten percent of the property value. However, the cheaper the property you want to buy, the less you need in savings to put in as a deposit. The trick is to start small when you are buying property. Only buy the bare minimum of what you need. As you pay off your mortgage, you could have more equity to put into the next property you buy.

Save wisely with a piggy bank.
Save wisely with a piggy bank. Image source – flickr

So how do you save the thousands of dollars needed to get that ten percent down? Cut down your living expenses drastically. The mortgage lender is likely to want to see your bank statements for the last six months. It will be scrutinized to see exactly where your cash goes. Cut down on spending for going out, cell phones and other non-essential spending. Some mortgage lenders will want to know that you are better off paying a mortgage than in your current rental.

According to, there are lots of different mortgages to choose from. Some may suit you better than others. You may only be eligible for a small number of choices due to your financial circumstances. If you have been employed with the same company for at least a year, you will be in a better position to take on a good value mortgage.

Ultimately, it takes time to maneuver yourself into a good enough position financially to be eligible for the best mortgages. And it may take some sacrifice too. To get on the property ladder, you may need to take on a property that needs a little updating. Perhaps it’s not in your ideal neighborhood. For most first time buyers, it is something small that is a first step. You then bide your time and wait to be in the right financial position to take on a bigger place with a bigger mortgage.

To get onto the property ladder, think small. Take your time to cleanse your bank statements of unnecessary spending. Make sure your role at work is secure and full of good prospects to ensure you will be able to pay off the mortgage. Don’t underestimate the cost of maintaining a property that you own so you can be realistic about its affordability.

About post: This is a guest post.

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Prime Aque is the back-end guy of Self-Help. He is a blogger and WordPress front-end designer. Importantly, he is a husband and a father of three wonderful kids. His firstborn are twin girls. He loves writing and sharing.

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