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How to get on the property ladder

Getting a foot on to the property ladder is harder now than ever. With house prices rising far quicker than inflation, many first time buyers simply do not earn enough money to be able to buy a home.

So what options are available to you?

First of all, ask your parents. Could they release some of the equity in their home to raise a deposit for you in the form of a secured loan? Or would they be willing to act as a guarantor? A guarantor is where they agree to be liable for the mortgage should something go wrong.

Secondly, consider buying a place together with friends. Certainly, having three people buy a property means you can borrow a lot more money.

Another option is a shared ownership scheme. You tend to pay around 25% of the property\'s worth, and then pay rent on the remainder. You will have the option to own the house outright in the future. See www.housingcorp.gov.uk. for more information.

With these first two options, ensure that you draw up a proper legal agreement between yourselves as relationships can go wrong, however close you are.

And, finally, no matter how desperate you are to own your own place, make sure that you don’t over stretch yourself with a mortgage. Affordability is the key. After all, there is no point having your own home is you are too cash strapped to be able to do it up or furnish it!

Bad Debt Mortage : find house with morgages with bad credit ... standard life also offer buy to let mortgages; equity-release mortgages; discounted mortgages; ... if you are buying with a partner or friend, then you can expect the lender to add their gross salary

Mortgages-Bad Credit : getting a mortage with poor or bad credit ... the kensington mortgage company is a specialist mortgage company providing mortgages mainly via intermediaries ... a capped rate mortgage ensures that there is a limit to the interest rate you will pay over a set period

Shared Ownership Mortgages Bad Credit : 100% mortgages people with bad credit ... natwest also offers a spanish mortgage via adam & company a uk subsidiary of the rbs group as well as ... lenders will also look at the actual affordability of your monthly repayments