If you are a young person then you are properly thinking to yourself, why would I want to get on the property ladder at this early stage in my life when so much fun is to be had and I don’t want my personal responsibilities to start until much later. The thing is that many young people have thought like you before and they have grown to regret it much later on. The idea of buying a house and getting yourself onto the property ladder may seem a long way off but the sooner that you get involved in it, the better that it will be for you over the long term. There are many benefits to buying property now then there will be in 10 years for example because property continues to rise in value and it doesn’t look like there is any sign of that slowing soon.
This is why you should look into Ascot Mortgages to get an idea of what the requirements are to be able to get a loan to buy a property in the first place. It’s always good to have your ducks in a row so that if you ever do see a property that you fall in love with, then you know that you will be successful in applying for a mortgage. If you’re still dragging your feet a little bit and you’re not sure if now is the right time for you to be on the property ladder then maybe the following benefits of doing so can help you to make a more informed decision for your future.
- Low mortgage rates – Mortgage rates at the moment are quite low and so this is the perfect time to be looking into buying a property and getting yourself a mortgage which will depend on your credit score. If you can, you should try to get some kind of fixed term low interest rate that can protect you for the next 5 to 10 years. It is however important to get the right advice so that you go into a mortgage with your eyes wide open and that you understand the commitment that is involved with taking on a mortgage such as this.
- Property prices are going up – If you keep delaying then you’re going to be paying a lot more money for the same property in 5 to 10 years from now. Property has been rising in price over the past 25 years and it doesn’t show any signs of slowing. Now is the perfect time to get in while you can still afford to buy a property on your current salary. There is no point in paying rent for the current property that you are in because it is something that you will never own and your landlord can make you leave any time he or she wants. You are paying someone else’s mortgage instead of paying for your own.
Property prices are expected to rise over and over, so if you purchase a property now you can expect it to provide you with a significant nest egg in 20 to 25 years from now.