The notion of owning your own home is very British. With one of the highest property owning rates in the world, there’s no doubt about it – us Brits just love the property market. No matter how many booms or busts it enjoys or suffers we continue to strive to be homeowners.
But it can be difficult. With mortgage lenders often requiring at least 20% of the value of the property many of us continue to rent. However, it can be done and there are real benefits of taking the most important plunge you could ever make.
Here we’ve given you just a few reasons why buying a home could make all the difference.
Your money will mean something
You’ve probably heard the phrase that renting is “dead money”. It’s no lie. Plunging your hard earned wages into a rental property isn’t going to get you anywhere. Yes you may have to stretch yourself to afford the deposit in the first place when buying, but each month you’ll know that whatever you pay out in mortgage payments will be an investment for your future.
The end is in sight
It may appear that your mortgage payments will never end, but they will one day. And when that day comes you’ll completely own your own home and won’t need to worry about expenditure going out each month. It may seem a long way off, but with rising life expectancy people are living longer. And with a longer life the benefit of owning your own property starts to look just that little bit more appealing.
Help could be at hand
If you’re looking to get your foot on the first rung of the property ladder, but struggling to meet the demands of mortgage lenders, help could be on its way.
Currently, the Coalition Government is promoting a scheme which provides you with assistance if you’re looking for a new home, without the need to stump up huge sums for the deposit. If you’re creditworthy, help could be on hand. Those in charge of running the country know the benefit of being a homeowner and they want you to join in!
Keep your eyes open on what’s happening in your local area. The next time when you sigh looking at how much your rent eats into your monthly pay cheque, investigating what you’ll be paying in mortgage payments area could well put it all into context.
With a little help – you could be in your new home before you know it.