Getting onto the property ladder is the number one ambition for many people. This is partly because of how rewarding it is to be on the property ladder - and how owning your own home will allow you more freedom to decorate the way you want and to stop having to answer to landlords. At the same time though it is also due to the financial benefits that come with being a home owner - which means no more paying rent that will literally be money down the drain. When you have a property you invest your money and everything you pay into the mortgage you'll get back - probably with interest - when you come to leave.
But the problem is that many of us can't quite afford to buy a home, and if you have no savings, or you have a bad credit score, it might seem pretty much impossible to own your own property.
Fortunately though there are lots of reasons that this isn't the case, and if you know where to look there are many ways you can get a mortgage and pay less in total for your home. Here we will look at some of them.
Bad Credit Mortgages
Bad credit mortgages are mortgages designed specifically for people who don't have a good record of paying off debt. These loans cater specifically to that group, and so they will overlook the fact your history. The interest is likely to be higher, but over the long period that you'll pay the loan back it won't matter that much.
Make a Deal With Your Parents
If your parents own their own home, then there's no reason they shouldn't be able to help you out. Ask them to take out a loan instead and pay for your property, but then just give them all the money. The property will be in their name, and this will have some consequences, but at the end of the day it means making the investment and having somewhere to live while your finances recover.
Team Up
Another way you can get by with a little help is to team up with others in a similar position to you and buy a property together. This is a great option for those who are young and single, as it means that you will be able to live in a fun house share without having to waste lots of money on renting. Alternatively if it's just the repayments you're worried about, then taking on a tenant in one of your rooms can also be very helpful financially.
Schemes
There are also a large number of schemes available that are designed specifically to help you find a property if you can't afford to buy outright. One example of this is 'rent to buy' which basically means you rent the property, and then have the option to put that money toward buying the property at the end of your agreed term or not. Other options allow you to buy just half your property.
Getting a bad credit mortgage is one way you can buy a property with poor credit. For more help with your finances click here!
Article Source: http://ezinearticles.com/expert/Brianna_Harmer/508286
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