You and your partner may or may not have taken the huge step of buying a place together before taking your nuptials. This is becoming a rite of passage that seems more and more appealing to get going with before the wedding day, and, for many, a sensible option. With more and more co-habiting millennials, a quarter of couples are taking the gigantic step of buying a home before they sign the wedding register.
For many traditionalists, the idea of getting married is a romantic yet costly event that they might still wish to precede buying a home. This, for the many whom may never own their own home, lifelong renting can ease the pressures of affording a wedding and honeymoon.
For those that intent on buying their own home, the commitment of a 25 or 30-year mortgage can be considered an equal pinnacle of a lifelong commitment, and the feeling of finally holding the keys to one’s own four walls can be as satisfying for many who feel the pomp and ceremony of a wedding day can wait. Ideal Bride wants to guide newlyweds with up-to-date advice, including new, government incentives to help get you and your partner on those first steps of the property ladder.
Whether deliriously immersed in blissful, rose tinted togetherness or practical to the core, most couples know that since the global recession in 2008, the main problem with being accepted for a mortgage is really down to getting together the considerably large deposit required for lenders’ insurance.
The minimum amount needed as a deposit is 5% of the purchase value, however to open fairer and more manageable rates of monthly mortgage payments, the better monthly mortgage deals now ask for up for 25% of the entire property value.
The criteria for lending is thankfully beginning to ease, and the Help to Buy Scheme is being used by thousands of millennials with much success. Following their lead, many lenders are now offering 95% loan-to-value mortgages. The government’s Help to Buy scheme offers to match the amount prospective homeowners have saved in the form of an interest free loan – this requires a minimum deposit of 5%. This scheme is subject to buying a of a new-build property, and it is generally accepted as it poses less risk to lenders.
Whether it’s taking on a second weekend or evening job, or moving back home with parents for a time, renting outside of city centres may also free up some money to save to put towards your deposit.
Families may often wish to help with raising the funds for a deposit, either in monetary terms or offering to act as a guarantor. There is also the option of a joint mortgage naming both the couples and any parents wishing to help.
The House Shop is a relatively new addition to a competitive array of online property market tools. With free listings offered for sales and purchase, a decisive and efficient rental search, and a property valuation tool that merely requires a postcode, the House Shop can help couples search for more affordable rental options while they save.
When you’re ready-with-the-readies to start the purchase process, the House Shop is becoming a leading figure in the property market to search for your perfect family home.