The government’s Help to Buy scheme which aims to help buyers get onto the property ladder is not being extended to London, and officially launched on February 1.

The scheme promises buyers a loan of up to 40% of the value of the property, with no interest for five years.

The only catch is that the property must be a new build, and cannot be worth more than £600,000.

The loan is paid back when the property is sold in instalments, or after 25 years.

So what’s the difference to the normal scheme?

The main difference is that with the normal Help to Buy loan you can only get a loan of up to 20% of the value of the property.

However due to the higher property prices in the capital, the loan has been upped to 40%.

In both cases the buyer has to provide a 5% deposit and pay the rest off through a mortgage from a commercial lender.

So for example if a property was worth £300,000, you’d be entitled to borrow up to £120,000 from the government, pay your own 5% (£15,000) deposit, and borrow the remaining £165,000 as a mortgage.

What about interest?

For the first five years you’ll just have to pay the normal mortgage payments. If the mortgage isn’t paid off after this period, you’ll start to be charged interest.

This will start out at a rate of 1.75%, rising 1% (plus inflation) every year following that.

You’ll need to prove to your lender that you’ll be able to afford these repayments including interest, on top of your other outgoings.

It’s worth bearing in mind that some lenders will want to see that you can afford an interest rate of as high as 4%.

How is it paid back?

The government loan will have to paid back when you eventually sell the property, and you will have to pay back the proportion of the loan you borrowed.

So using the example of a £300,000 property we mentioned earlier, if this property went on to sell for £350,000 and you borrowed 40%, you’d be liable to pay 40% of the selling price, which would come to £140,000.

This works the same way if the value of the property falls, so you may end up paying back less than you borrowed.

Of course you can pay back the loan earlier than that if you wish, although you have to pay back a minimum of 10% of the property’s value at a time. (This will also require you to pay for a valuation with each repayment)

Am I eligible?

There are technically no limits on who can benefit from the scheme, it doesn’t matter whether you’re a first time buyer or just moving house, and there are no age limits.

However just like with any mortgage you will have to prove to a lender that you can afford the repayments on both the mortgage and the government loan, so will need to have a steady income.

Also bear in mind that you cannot borrow more than 4.5 times your income.

The scheme is set to run until 2021, and you can find out more at the government’s Help to Buy.

And if you require any advice on the scheme or on any other aspects of mortgages feel free to get in touch with one of our advisors for some free expert advice.

With over 80% of UK students in 2004 who were eligible for financial support via The Student Support Scheme opting to take the support offered according to official statistics provided by The Student Loans Company, many of those now graduates and UK university  leavers have since or are now attempting to get onto th property ladder. If you are one of such people, it is important to understand how any student loan amount(s) you have outstanding could potentially affect your chances of being approved for a mortgage.

Hence, here are answers to the three most frequently asked questions made by those with student loans who are attempting to have a mortgage application approved.

Will A Student Loan Affect My Chances?

Unfortunately, there is no finite answer to this question, as lenders offer mortgages according to their own criteria, and every person’s situation is unique. That said, the majority of lenders are far more interested in and will as such focus their attention for the most part on an individual’s overall annual income set against their monthly outgoings, and subsequently a potential borrower’s management of both.

If a mortgage lender does take a borrower’s student loan status into consideration, they will do so most often to look at whether you are making loan repayments. If you are making repayments then most lenders will factor those repayments like any others, and alongside any other repayments you are making as part of a standard affordability test. Meanwhile, if repayments are not being made a lender will want to look at why. In most cases student loan repayments are not made until a person’s income has reached a certain threshold. If this is the case, it is probable that a lender will be satisfied at turning their attention instead to a person’s credit rating.

Does A Student Loan Affect a Person’s Credit Rating?

Considering lenders are more interested in a person’s overall credit rating than any specific student loan they might have outstanding, the second question many student loan holders ask is whether a student loan impacts on their credit rating.

Student loans do not usually impact on a person’s credit rating in the way that credit card loans (to give one example) can because student loans do not work in the same way as other  types of loans. In fact, and as is stated via the So Smart Money website: ‘If you took out a student loan post-1998, this won’t show up on your credit rating, so if you’re applying for any other forms of credit such as a mortgage or a credit card then having a student loan shouldn’t cast a dark shadow over your application in terms of your credit history.’

What If I Have Missed / Deferred or Mismanaged Student Loan Repayments?

Even a student loan which does not affect or detrimentally affect your overall credit rating can affect, as aforementioned, your overall chance of having a mortgage application made. So, if you have met or your annual income exceeds the amount at which the Student loans Company required you to begin making loan repayments and you have failed to do so, missed payments or otherwise failed to comply with the terms of your student loan, a lender may take this into consideration .

Then, even if it does not damage your credit rating, mismanaging a student loan can still damage your chances of being approved for a mortgage. Fortunately, if this is something you are concerned about, there are experts in the form of mortgage brokers such as ourselves here at Search Mortgage Solutions who you can turn to for help and tailored advice, as you might need it.

The trend of low rate mortgages which picked up momentum during the summer and autumn of 2015 has continued into the new year with the announcement of a 9-year low at the start of February.
This is the sort of figure most of us will see at a glance when flicking through the days headlines, without actually digging to see if there is more to it, which in these circumstances, there more often than not is.
Of course not many of us have the keen financial eye needed to understand all of the jargon flying around in many mortgage based articles and features, so to put the current situation in terms everyone can understand, here are the facts on just how good these new mortgage rates really are.

Record Lows

New figures released by Moneyfacts.co.uk show this nine-year low that we are currently experiencing. They assess the interest rate on a two-year fixed mortgage in the UK.
The figures show that the interest on these mortgages fell to 2.52pc (per capita) in February from 3.14pc, the figure a year earlier. Interest rates have fallen considerably since Money Facts began compiling these stats back in 2007, when the average for a 2-year fixed mortgage was north of 6pc.
The figures from Money Facts were boosted by comments made by the Bank of England Governor Mark Carney who in mid January stated that interest rates are likely to remain at their current lows for longer than originally expected.
The reason for this lies in inflation. The Bank of England’s target to reach 2pc for inflation will take longer than they planned due to cheaper oil prices and general global instability.
While inflation remains a wider issue for the UK economy, for mortgage interest rates it all looks rather rosy, or does it?

Higher Fees

While low interest rates are great for us when applying for mortgages, lenders just aren’t getting the sort of returns on their deals that they have done previously.
In an attempt to curve their losses on having lower interest rates, many lenders have increased the fees borrowers must pay to arrange a loan with them. Doing this allows them to advertise the headline grabbing low mortgage rates, yet make back some of the money that they concede from doing so.
The average mortgage arrangement fee is now up £32 in the last 12 months from £924 to £956, whilst the fees for high-value loans have reached a high of £7,500. These figures become even more alarming when comparatively there is not that big of a gap in administrative costs between different scale deals.
With a seemingly ever expanding mortgage market of 4,000 plus loans currently available, it is becoming increasingly difficult to find the most cost-effective deals available.
It’s developments like this which blur the lines between a good and bad deal, something which is of course very alarming when it is your own hard earned cash at stake.

Too Good To Be True?

Well in a word, yes. Of course it would never be that easy, however there are still great deals available depending on your circumstances. With extra potential pitfalls such as arrangement fees waiting to ruin your finances, there is no better time to seek the advice of a mortgage broker.
At Search Mortgage Solutions we can sniff out a bad deal a long way off and help find you the best for your current financial situation.

It doesn’t matter where you’re moving, or whether it’s your first or your tenth move, moving is stressful!
Mountains of cardboard, discovering all that useless tat in the attic that you still can’t bring yourself to chuck away, the process of moving can seem to drag on and on.
But don’t worry! Here at Search Mortgage Solutions, one of the UK’s leading mortgage brokers, we’ve put together this guide to talk you through the process and have you settled into your new home in no time.

DIY Or Hire A Pro?

The first decision you face is whether to hire out a truck and move all your stuff yourself, or hire movers in to do the job for you.
This is dependent on a couple of factors, and while it may work out cheaper to do it yourself, it’s not guaranteed to be easier!
If your current home is fairly small, and you’ve got a buff squad of friends and family to help out, doing it yourself may be the best option.
The obvious advantage is that it works out quite a bit cheaper as you won’t have to pay a mover, (although you may have to pay insurance, petrol etc.) and allows you to do things at your own pace.
Companies such as Enterprise or Sixt offer large removal vans for hire, and we’d advise going for one slightly bigger than you think you need just o be on the safe side and cut down on unnecessary trips.
Make sure you’re comfortable driving a big removals truck though. The last thing you want is all your living room furniture scattered across the M6!
If you don’t have the time or the manpower to move yourself, or if you’ve got lots of stuff, why not hire some professional help?
While it may be a little more expensive, using movers is not only a lot easier on you, you also know you’re getting a professional service.
Moving companies know what they’re doing, and will go to extra measure to make sure that they don’t cause any damage to the home while they’re doing their thing.
You can compare the prices of different removal companies over on reallymoving.com and make sure that they’re a member of the British Association of Removers at bar.co.uk.

What You’ll Need

• Boxes! Lots of boxes. Sure, if you’ve got some cardboard boxes lying around the house feel free to use these, but make sure that they’re going to be strong enough, and that they’re not torn or damp at all.

• As for how many you need, it’s totally dependent on how much stuff you have, but once again we recommend going for maybe a couple more than you need, as its best to play it safe, and there is sure to be more stuff than you expected.

• Eventually you’re probably going to need to buy some new boxes, so make sure you get plenty of different sizes such as these from Argos.

• For fragile things such as wine glasses you can also pick up specialist carrying boxes such as these.

• You can even get a full cardboard wardrobe, complete with a rail to hang clothes up!

• You’ll also be getting through reams of brown packing tape, so one of these cool dispensers can make things a lot easier.

• Newspaper and bubble wrap are also useful for protecting any valuables.

• If you’re moving yourself, your friends and family will be eternally grateful if you invest in a couple of trolleys to ease the load.

Other Tips

• Make sure to get your post redirected to your new address so that important stuff like bills don’t keep getting sent to your old address.

• If possible, get into the new property and properly clean it out before you even start the moving process. It’ll make everything go a lot easier, trust us.

• Fully label each box with the room that it’s going to go into, and attach any screws or bolts for furniture in a little plastic bag.

• Pack some lightbulbs. If the previous owners have taken the old ones you might suddenly find yourself lugging furniture in the dark!

2016 looks to be a great time for many to apply for a mortgage, with lending continuing to rise with mortgage rates falling, and rents rising.
However, if your mortgage agreement seems slightly too good to be true, take two seconds to step back and make sure that it’s the right deal for you.
Just because you’ve qualified for a loan doesn’t necessarily mean that you can afford the repayments, and even if you can, there are a host of hidden costs to take into account.
We find that when many people see how much they can borrow, they get a bit carried away and sign up for a property that they can’t afford in reality.
We’ve picked out just some of the extra costs that you may or may not know come with a mortgage.

Before You Move In

Arrangement Fee

This is essentially the fee that you pay the lender for granting you a mortgage. It can be paid either up front, or added on to your mortgage, although this will mean that you have to pay interest on it. They usually cost around up to £2,000 but can vary.

Booking Fee

Some lenders will also charge a “booking fee” just for applying for a mortgage. This is payable even if your mortgage falls through, and will usually be around a couple of hundred pounds. This may also be added in to your arrangement fee/

Surveys and Valuations

The mortgage provider will also charge to value your property to work out how much you need to borrow, although they may sometimes waive this charge. This depends on the value of the property and can range from a couple of hundred to a couple of thousands of pounds. You can also look into having your own property survey taken out to identify any future work or repairs that may be needed.

Missed payment fees

Hopefully this won’t be an issue for you, but if you do fail to make your monthly payments, you’ll probably face a penalty. You could even have your house repossessed if it become a recurring problem so make sure it doesn’t!

Broker Fees

If you’ve used a mortgage broker in the process, you may have to pay a fee for their services. However, many brokers such as ourselves are able to give you advice absolutely free of charge as we receive a commission from the mortgage provider.

Stamp Duty

If your new home is worth over £125,000, you’ll also have to pay Stamp Duty, with the rate you pay varying based on the value of your property, ranging from 2% up to £250,000 to 12% on anything above £1.5m. See what we mean about all these added costs!?

After You Move In

It’s important that even if you’ve taken into account all of the above costs and still decided that you can comfortably afford your mortgage, you don’t lose sight of all the other costs that come with owning your own property.

Maintenance

Even if the house seems in good nick when you move in, it won’t take long until maintenance issues start to crop up, from bigger jobs such as replacing the carpets to the simple things such as changing the smoke alarms.

Utilities

You may be surprised at how much you end up having to spend on things such as heating and electricity (and also things such as a TV licence). This is especially likely to be the case if you’ve been renting a property previously, where sometimes a landlord may pay certain utilities. Check out this handy guide from MoneySavingExpert.com for some tips on how to reduce your utilities costs.

Insurance

Your buildings and contents insurance costs obviously depend on what you’re insuring, but can be as high as a few thousand pounds a year. The main factors affecting your insurance will be the value of your house, how old it is, and what it is built from.

Council Tax

Council tax has to be paid by every property, and depends on the valuation band you live in.
As you can see, there’s a lot to take in, and this is only a start! The point we’re trying to make is that those low monthly repayments aren’t the only thing to take into account when you’re applying for a mortgage.
Just because you get approved doesn’t mean that you can afford a mortgage, so just take a second to assess your situation before jumping into any agreements, or get in touch with one of our advisors!

Since the Mortgage Market Review in 2014, the application process in the UK for those wishing to be approved for borrowing has become increasingly lengthy. While the review was developed with good intentions, it does mean that completing an application requires more preparation, knowledge and circumstance to be accepted. It’s a fact of reality and something which potential homeowners need to understand.
Since 2014 it has become increasingly difficult to get approval on a mortgage, in many ways simply because there are more reasons to be rejected than ever before. Whilst the list could extend into the hundreds, here are 21 reasons why you might be turned away and a possible solution or remedy to accompany each one.

Employment

Proof Of Previous Employment

Lenders want to see that they are making a deal with someone who has been and is consistently hard working and regularly earning. Providing little or no proof of previous employment will almost guarantee a failed application
Solution: Put together a timeline of your employment, with specific start and end dates, if you can’t find or remember them, try getting in touch with previous employers.

Inconsistent Employment History

Another thing lenders get nervous about is potential borrowers whose employment history shows they haven’t remained in the same job for more than 6 months. They like to see someone who is settled and earning a similar figure each month so a scattered history will not amuse them.
Solution: Thankfully lenders aren’t as strict on this as they once were as they take into consideration the financial crash which saw a lot of people unemployed for at least a short while. If you have an unusual profession or unique set of circumstances its best to mention so they at least have some understanding of your inconsistent employment.

Current Employment

Whether you have a record of consistent employment in the past or not, a lender is also very interested in your current situation. If you are currently between jobs or have only just started a new job you’re unlikely to get a deal.
Solution: If you are between jobs or have just begun a new one then you should consider putting the application off. 6 months is the minimum length of time you want to have been in that job before they are content that you will be able to repay them each month.

Self-Employment

If you are self-employed or work mostly through being contracted it is often harder to prove where the next pay packet is coming from, something lenders dislike. They want proof of regular income for the foreseeable future.
Solution: Before the application process make sure you can secure as much future work as possible as proof, as well as having all the relevant tax statements and business accounts available to show proof of your employment situation.

Credit History

CCJ’s

It is more than likely that if you have recently been issued with a County Court Judgement (CCJ) or are still paying one off then a lender is never going to come close to you.
Solution: If you have one issued, then make sure you settle the money you owe before applying for a mortgage and have other proof of a good credit history.

IVA’s and Bankruptcy

A IVA is an Individual Voluntary Agreement which is issued to people in dire financial situations by their insolvency practitioner to enable them to pay back any money they might owe without prosecution from those you owe money to. This along with being declared bankrupt are two of the most off-putting things to lenders.
Solution: Don’t even consider going near a lender until you have wiped your debts clean because they won’t even consider you. Get your finances straight and work towards building some positive credit.

Bumpy Credit History

Though this is much less dramatic than the two points above, even missing a few utility bills here and there could contribute to you being turned down for a mortgage. Lenders really do their homework on you, so if your credit history shows a few missed credit card bills they might show concern.
Solution: There is not shortcut to building good credit, you have just got to be sensible and let your history do the talking. If you have missed the odd bill, then put the groundwork in and make sure it doesn’t happen again. Push back your application and spend some time rebuilding a good history.

Little or No Credit History

While it is vital you avoid a bad credit history, you certainly need sort of history to prove you are capable of meeting repayments. This can be tricky for people who have always paid utility bills under different people’s names or have always stuck to a debit card.
Solution: Its time to start attaching your name to those bills, you must prove to the lenders you are capable of consistently repaying something. Whether it’s your mobile phone bill, or a new credit card, you need to develop a healthy history before beginning an application. This example from This is Money shows how brutal enders can be if you have lack of credit history.

Payday Loans

As a rule, lenders very much dislike the sight of a pay day loan on your credit file, whether you paid them off in time or not. Any payday loan you have had since 2011 will automatically appear on your file even if you did pay it off in time.
Solution: Avoid payday loans as best you can, Understandably its easier said than done if you have a particularly sticky month, but they can really come back to haunt you, even if you pay them back.

Rejection Footprint

Every time you are denied a mortgage a record is made of it which lenders will be able to see when you next apply. The more rejections you have appearing on your record them more damage it will do to your credit rating. The more credit you apply for the more desperate you look which lenders of course would rather avoid.
Solution: If you have been rejected once, you need to take stock and not appear desperate. You have got to work as hard as possible to improve your current credit solution, so running around applying with different lenders won’t help. At this stage getting the advice of a broker is often your best solution, they won’t advise you apply for any more until together you can find the problem within your application.

Affordability

Deposit

Every mortgage requires an upfront fee which will be a percentage of the property’s overall price. The bigger your deposit the smaller your mortgage repayments will be. However the difficult things are saving enough to meet a certain deposit.
Solution: Thankfully over the last couple of years mortgage lenders have made deposits more achievable by lowering the initial percentage. As this from the BBC shows, there are a rising number of lenders offering deposits of 5% and lower.

Current Income

A lender will be hugely interested in what you are currently earning. If it becomes clear that you current earnings will be impossible to both live off and pay them back, its going to be a straight forward NO from them right from the off.
Solution: Be smart, you know what you earn and what you can pay back. Either understand your limits to save everyone time or save up for a larger deposit so that the repayments will be more manageable on your current wage.

Other Reasons

Not Registered To Vote

Being on the electoral register means mortgage lenders can check your current address and make sure you are who you say you are. Failing to be on it will likely see you fall at this first hurdle.
Solutions: You might have your reasons for not being on the electoral register, be it intentional or not, but for the sake of your mortgage it is easy by simply signing up here at Gov.uk

Administrative Errors

Everyone makes mistakes and unfortunately that includes lenders assessing your applications. They might well misinterpret information you have provided or filed details wrongly.
Solution: Always ask for a face to face interview as part of the application process as well as filling in the forms. Some will happily take the application papers and make a decision, but you are better speaking to them personally to help explain or discuss something they might find unusual.

Living In The UK

As a general rule, lenders are unwilling to make deals with anyone who has lived in the UK for less than 3 years, but not all.
Solution: If the rest of your record looks immaculate, there might well be some lenders out there who will still accept you even if you are under the 3 year threshold, but not many. Chances are you might have to wait it out or get lucky and find the right lender.

Fitting A Lenders Profile

Some lenders operate on a demographic policy, meaning if you don’t fit their bill you are not going to be considered at all. For example some may only make a deal with a settled family in which the parents are assured a work contract for the next year or more.
Solution: it might not be entirely obvious that a lender has this policy because not all do. Its situations like this where a broker (such as Search Mortgage Solutions) can become invaluable because they will be able to save you time by avoiding these lenders and point you in the direction of a deal better suited to you.

Pregnancy

While it seems ridiculous, a recent survey by USwitch found that every 1 in 11 women who applied for a mortgage feel they were discriminated because there were either pregnant at the time of application or were planning to have children.
Solution: This is an alarming issue because it would be unfair to turn someone down for a mortgage even if they are having children providing they have stable employment and a good credit history. Hopefully this isn’t a widespread issue.

Insufficient Information In The Application

Some applicants feel that hiding some of their details will give them a better chance of being accepted because it might show them in a bad light to the lender.
Solution: While this is understandable logic, lenders would actually prefer you to show them everything, even if it isn’t particularly positive. It’s always better to be upfront and honest because they will more than likely find out anyway and lying might make you appear even more untrustworthy.

Re-Applying Too Quickly After Rejection

A common mistake made by potential borrowers is rushing to another lender to re-apply once they have been turned down for a mortgage. Lots of people feel hard done by or unlucky when they have been turned down, blaming the lender and ignoring any problems or inconsistencies in their application.
Solution: Check, and check again. There WILL be something wrong with your application, if the lender hasn’t made it clear why, you’ve got to do your homework and find out and alter it before applying again. This is another reason why brokers come in handy as they can spot issues within applications in a heartbeat once they have cast their expert eye over it.

Online Gambling

Whether you win plenty of money back or not, a lender doesn’t like the sight of your hard earned cash being deposited into online gambling sites. This is a sure fire way to get rejected.
Solution: While gambling can be fun, there are many examples of it damaging people’s lives. This is why things like Gamble Aware exist. If you are looking to get a mortgage is best to stay as clear from gambling as you can.

Aged Over 40

Research taken out by Intermediary Mortgage Lenders Association which analysed lending across the 24 major lenders in the UK found a trend in the amount of people that were denied a mortgage because of their age. The worry amongst lenders is that if you take on a loan which might run into your retirement, you are less likely to be able to pay it when you are living on a pension.
Solution: Obviously there is no such thing as a time machine, so there is very little we can do about our ages or what we can afford payment wise. The only thing you can do here if you are north of 40 is to prove that you are financially comfortable enough that you will be able to keep up with repayments even when you are no longer in full time employment.

More and more people are becoming eligible from ‘shared ownership’ mortgages, where you only own a portion of the property, with the government now raising the income cap to allow those who earn up to £80,000 to benefit.

With lenders offering to pay for up to 95% of the property, these mortgages seem like a fantastic deal, but they have come with a degree of controversy, as seen in this case study by The Guardian.

What Are They?

Shared ownerships are aimed at those who cannot afford to buy their home outright, and allow you to purchase anything from 25% to 75% of the value of the property, paying a subsidised rent on the rest.

You can buy more shares of the property if your income goes up, and this will mean that your rent payments will go down.

Most lenders will offer mortgages on shared ownership properties, meaning you can secure one for a very low deposit (although as usual, the higher deposit you place, the less interest you will pay).

Similar to normal mortgages, all the different lenders will have different rates and deals, with some offering special deals on shared ownership properties.

Why The Controversy?

Having to pay rent on the part of the property that you do not own can prove to be a bit of an issue, and many who have taken up this option have complained that rent has risen far quicker than they expected.

Owners may also be liable to pay full insurance payments and maintenance costs even though they only own a portion of the property.

While many may buy into a shared ownership property with the idea of buying more shares in it once their own situation improves, these additional costs can add up and make it very hard to do so.

Selling a shared ownership property can also prove problematic. You have to allow your housing association around eight weeks to try and sell your property before you can go and do it yourself the normal way through an estate agency.

The problem here is that the housing association may take their time trying to find a buyer, or may accept a lower price than you’d like.

So on the whole, while shared ownership can be a great help to get you onto the property ladder, it can be a bit of a minefield.

We recommend getting in touch with one of our expert advisers before making any decisions as there a wide range of options available to you that you might not even be aware of.

Choosing whether to rent or buy a property is one of the biggest decisions you’re likely to make in your lifetime, after all, it’s probably the biggest purchase you’ll ever make!

There are benefits to taking either route, and obviously it depends largely on your own personal situation as to what’s right for you.

However here at Search Mortgage Solutions, we think there are five main reasons why you should be aspiring to buy your own home.

Investing For Your Future

While it may seem a long way off to begin with, when your mortgage is fully paid off your home will be 100% yours.

Not having any monthly rental or mortgage payments is a great burden off your shoulders and should serve as a great incentive not only to take out a mortgage, but get it paid off as quickly as possible!

Freedom

You’re also free to carry out any improvements that you wish on the property without having to worry about getting permission from a landlord.

Not only does this mean you can decorate the house however you want and add in nifty new features, but it will hopefully increase the value of the property, giving you the chance to perhaps upgrade to an even bigger property, or put some money aside for your retirement.

Help To Buy

If you’re wanting to buy your first home to government has unveiled its new ‘Help to Buy’ scheme to help you along the way.

The Help to Buy ISA promises to boost whatever you save toward your home by 25%. So for every £200 you put in you will receive an extra £50, up to a maximum of £3,000.

However, if you’re buying your home with a partner, they can open up their own Help to Buy ISA, doubling your potential bonus to £6,000!

You can only deposit £200 a month each (as well as an initial lump sum of up to £1,200), but we think this is a fantastic way to help out first time buyers get out of their rented property and get on that property ladder.

For more information on the Help to Buy scheme, visit the government website.

Community

While there are more financial and practical benefits of owning your home, the sheer feeling of being part of your own community can easily be overlooked.

Renting can always feel like a temporary means to an end, but once you own your own home you feel like you’re actually putting down admins.

Getting to know the neighbours, the local shops and maybe even the school further down the line if you’re planning a family are all integral parts of building up a community spirit that you don’t quite get in the same way with a rented property.

It’s Often Cheaper

While in many cases renting is a cheaper alternative to buying a property, there are times when mortgage payments could work out cheaper than rent.

Rent costs have soared in the last few years, hitting a record high of £816 in October.

On the other hand, mortgage rates have continued to fall, so there’s really never a better time than to look into taking out a mortgage.

If you are thinking of taking out a mortgage but don’t know where to begin, get in touch with one of our mortgage brokers either online or calls us for free on 0800 756 7794.