How to buy with house prices on the rise

With house prices rising by approximately 10% every year, it’s becoming more difficult than ever to buy a home. Don’t despair - if you’re ready to take the leap, we’re here to make things as easy as possible for you. 

Looking to climb the property ladder? Here are five key steps to take. 

Check your credit score

A higher credit score increases your chances of approval for a mortgage, and one with a lower interest rate. You can easily check your credit score free of charge with the UK’s credit agencies Equifax, Experian and TransUnion

If it’s lower than you’d like, here are some things you can do to improve it: 

  • Correct any accounts registered to an old address
  • Register to vote at your current address. 
  • Don’t go over your credit limit.
  • Minimise cash withdrawals with your credit card. 
  • Make regular payments on time, such as bills and rent. 

Get a house valuation

If you’re moving out of a property that you own, you’ll want to make sure you get the best possible selling price. A price tag that’s too low won’t just impact you financially, it could also leave buyers concerned that your house has hidden faults. On the other hand, a price that’s too high could lead to a lack of interested buyers. 

A property valuation will help you to know whether you’re selling for the right price. It’ll also help you see if your new property is a good investment for the future.

Make the most of government incentives

If you’re looking to buy a house, there are a range of UK government schemes that could help you. These include:

Lifetime ISA - deposit up to £4000 a year and the government will add a 25% bonus. This money can go towards buying a property worth £450,000 or less. 

Help to Buy equity loan - if you’re a first-time buyer purchasing a new build, you can borrow a loan to cover between 5% - 40% of the cost, depending on price and location.

Help to Buy mortgage guarantee scheme - lenders involved in this scheme are offering 95% mortgages, allowing buyers to pay a much smaller deposit to secure a mortgage. 

Don’t rush into a mortgage deal

It goes without saying that you’ll want the best possible deal for your mortgage. That’s why it’s so important to think about the long term. Do you anticipate your life circumstances changing in the next few years? This will all impact what kind of mortgage product you end up deciding on. 

If you’re unsure where to start, a mortgage broker could help you find the best deal. 

Have your house surveyed

When it comes to buying a new house, it’s important not to rush into decisions. As ideal as the property might seem, hidden faults and problems could cause you grief further down the line. 

A property survey will unveil any potential issues that would otherwise go unnoticed. With this information under your belt, you'll also be in a much better place to negotiate your mortgage. 

At Flint Ross Moorhouse, we’re here to equip you with all the information you need to buy your future home. If you’re ever unsure where to start, we’re always on hand to discuss your options. 
Contact us today to book a property valuation or survey.