Getting on the housing ladder

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Getting onto the Housing Ladder

It is widely publicised that we now have a generation of young people who are forced to rent or continue living with their parents because they can’t afford to buy a property of their own. A recent government report, “English Housing Survey” stated that 1 in 3 first time buyers are over the age of 35 and it was only 1 in 10, ten years ago.

Self Build could be a solution for many people trapped in this way.

Raising a deposit is the first hurdle to clear. To avoid punitive interest rates, lenders are looking for large deposits from first time buyers, in some cases as high as 20% or 25%. Based on the average UK house price of £160,000, that’s a large lump to find when you are still perhaps burdened with a student loan and needed your first car on credit, just to get yourself to work. This is where the Bank of Mum & Dad have been most helpful. The Council of Mortgage Lenders are quoting that over 80% of first time buyers under 30 are assisted by their parents. Notably only 35% needed help in 2005. The difficulty here though, is about paying the parents back. I’m sure some parents have built situations like this into their financial planning but not many people can afford a £20-40,000 hole in their retirement plans.

Assuming we can raise a deposit the next hurdle for the first time buyer is their personal cash flow statement. Many simply can’t service a loan of well over £100,000 on their early career salary. It’s understandable why many young people feel let down by this situation. Their choices are limited and difficult.

A Project Managed Self Build Home for first time buyers can navigate around all the stereotypical difficulties and set themselves up for a much more financially secure future.

With Site 4 Self Build guiding them through every stage, participants do not need any building skills or in fact any prior knowledge of the construction industry.

Here are the benefits;

Low deposit of around £3-5,000

If parental help is needed, all funds are returned on completion of the build.

When owners receive their keys, they will have at least 20% equity in their home.

All properties are completed with floorings, lights, landscaping and furnishings.

Take a closer look at Self Build. It’s going through a revolution and in 10 years time you will either be very pleased you got involved, or very sad you didn’t.

Do You Qualify?

●	You must be employed and earning sufficient to meet the mortgage repayment programme.

●	You need to have a good credit record, with a history of meeting your financial obligations on time.

●	Having savings of at least £3,000 will help your application.

Click here to Register and find out more

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