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Hammersmith first time buyers guide

Published: 27/06/2017

Do you live in London W6 and are you thinking of getting on the property ladder? Becoming a Hammersmith local residential owner is often a daunting task, but interest rates are currently low and there are government schemes that can help, too. Here are some tips to help you get there faster:

Do research on how much finance you can secure based on your current salary.

Determine how much deposit you actually need, taking into account your purchasing costs.

Research exactly what your purchasing costs might be to your lawyer, your bank, surveyor and HMRC in Stamp Duty.

Work out where you want to live or indeed be comfortable living in that location.

Work out the time frame. Buying a property often takes longer than people imagine.

If your family is helping with a deposit, then make sure you give them plenty of warning as their capital may be tied up in a savings scheme that requires more notice than just one week or a one month.

Finally, it is more important that the deposit is large enough to help secure the property in the location you like.

Check your credit rating, for example via Experian. They will also give you tips on how to improve your rating.

Make sure you are on the electoral roll, even if you don’t want to vote.

Get a credit card, spend a small amount each month and then repay it immediately, it helps you build up a credit file profile and shows lenders you can handle credit responsibly.

Know what deposit you need and what Help to Buy schemes / shared ownership schemes (www.helptobuy.gov.uk) are available in your area.

 

If we can be of any help at all please call or email the team:
0208 222 9958 or sales@willmotts.com