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The Aussie Go-To Guide for First-Time Buyers in London

Posted on May 25, 2020 by Lauren May
The Aussie Go-To Guide for First-Time Buyers in London

Becoming a homeowner is an ambition that most people dream of doing one day and would love to make a reality. However, it doesn’t seem like an even playing field at times, and lots of Londoners find themselves stuck in perpetual renting. It’s not easy to break out of the cycle, but if owning your own house or apartment is the goal, we want to help you achieve it.

Aussie Man & Van moves thousands of first-time buyers in every year, and we learn something new from everyone we work with. That’s why we’ve put together this guide to help other would-be buyers find their place in London’s housing market.

Our Guide for First-Time Buyers in London –

With over two decades of removals experience under our belt, we have a lot of industry insight when it comes to trends in the housing market. And in that time, it’s clear that while saving to put a deposit down your first house isn’t easy, the rewards outweigh the sacrifices. Although we can’t state enough that there will be plenty of forward planning to make it happen.

We’ll address various aspects of reality checks you’ll need to consider, which will include more details regarding average times increasing due to lockdown. Mortgage loan criteria are also fluid and can change at any time, differing from lender to lender. That’s why it’s better to start preparing now and fill in blanks as you go.

Aussie Man & Van will be able to assist with tips throughout your relocation, even when you’re organising and looking for quotes. We accept future bookings and will be flexible with regards to altering dates wherever possible. And our range of services covers every type of relocation you can think of.

We all start somewhere when it comes to getting onto the property ladder. The shift from renting to becoming a homeowner takes a lot of grit and determination. But it’s one-hundred percent worth it in the long run. Furthermore, good advice can save time and reduce any anxiety you might have. The Aussie team is here to help you realise your dream of owning your own house or flat in London.

Top Tips on Saving for a Deposit –

Although every step in the process of homeownership is important, without a deposit, it’s a non-starter. You need to have a minimum deposit to initiative a home loan application, commonly known as a mortgage. How much of a deposit you’ll require varies, but you’ll need anywhere from 10% – 25% of the total value of the property in question.

Even if you qualify for one of the first-time government buyer or low-income earner schemes, the likelihood of obtaining a mortgage without a deposit is low to nil. Although this sounds a bit overwhelming, let’s frame it in a positive lens: this is your first goal in your journey. And it’s possible to achieve if you start making changes today.

It’s time to start taking more care with your money and record everything you spend. It’s easy enough to use a spreadsheet or Word document to note everything. And also keep any receipts and invoices. Input the information from your receipts in once a week, and by the end of the month, you should see patterns emerge. Then you can see areas where savings are possible.

You will have to decide on a monthly budget, which includes your expenses and some money for things like gym membership and entertainment. Anything that’s left over should go into a savings account, so go and open one this week. If possible, set yourself some monthly savings goals. Check online to see if there are examples of typical mortgage deposits and any advice that relates to saving.

First-Time Buyer Schemes in the UK –

Now that you’ll be on your way to saving for a deposit, your next line of research is first-time buyers’ schemes. This is something you’ll need to read up on and check on any changes to regulations or availability. The one thing that’s clear from everything concerning the COVID-19 lockdown is that there will be economic consequences. And this always filters into the housing market.

The government know the issues facing first-time buyers and low-income households who want to get onto the property ladder. That’s why various schemes were created to address to issue to try and stimulate a new wave of homeowners.  Some examples are Help to Buy, Shared Ownership, and Starter Home Scheme, but you’ll need to discuss them with a mortgage expert.

It’s possible to explore other paths when trying to find affordable properties. Housing auctions in London are an excellent way to acquire a house or flat well below the typical market price. Property development offers the chance to buy a building that needs renovation. You’ll have to be willing to project manage the whole restoration, in addition to whatever your full-time job is.

The best course of action is to do your research, contact a mortgage advisor or your bank’s home loan manager. You need to understand what your budget is, if you qualify for a mortgage and if you can receive any benefits from a housing scheme.

The Current UK Housing Market Position –

After an initial hiatus, the housing market is now open, but the fallout from COVID-19 will impact mortgages. There’s nothing concrete to go on, but there are some likely factors to consider when looking into home loans. And all the previously mentioned schemes may be subject to change in terms and conditions. They might even close due to changes in lending and market confidence.

The thing that seems to be filtering through is that lenders will look for more substantial deposits from first-time buyers. Job security will factor into their affordability and may result in rejections that might otherwise have been successful. If you’re currently in a furlough position, this might also have an impact on your ability to pass a mortgage application.

There’s no golden rule, though. All lenders will have their own criteria; some will be more open to assisting first-time buyers. While it’s likely some of the bigger lenders will be more stringent, smaller companies might see this as an opportunity to provide people with loans. Either way, the reality you’ll face is a tough year when making home loan applications.

This shouldn’t put you off trying to become a homeowner, especially if you’re already working towards a deposit. Instead, it just moves the goalposts, and your timeframe might extend into later this year or possibly 2021. The best idea is to start speaking to lenders now to see what they’re offering. And spread your net out wide – literally contact them all to see who will meet you halfway.

Choosing the Right Removal’s Company –

Buying your first home should be an exciting new chapter in your life, and it all starts with a relocation that goes smoothly. Assuming your mortgage application is successful, the next step is to find a removal’s company who is reliable. If this is your first relocation, don’t worry – you won’t need to look any further than Aussie Man & Van for your removals and storage needs.

Online review platforms are an excellent research tool at your disposal and could improve your chances of receiving a better standard of customer service. By using platforms like Google Live and Trustpilot, you can see how previous customers rated a company. It’s this level of insight that can provide you with a high quality of service. Aussie is a five-star company, and if you book with us, you won’t have to choose between value for money and excellent service delivery.

Aussie’s customers enjoy the best of both and frequently return to use us for future moves or other services. The Aussie team are a friendly company that you can always contact when you need to. We will gladly discuss any details of our range of services with you. Additionally, we’ll assess your requirements and provide you with a free, no-obligation quote.

Aussie’s Range of Removals and Storage Services –

Now that you have a better idea about how to check the approval rating of your removal’s company of choice, it’s time to see what package fits your needs. There are two primary domestic removals services at Aussie – a Man & Van and Home Removal packages. And the main difference between them is the vehicle’s volume capacity, but there are always exceptions.

Aussie’s Man & Van service is ideal for people who are moving out of rental properties with one- or two-bed room’s amount of possessions. The smaller vans adjust well to city-centre traffic situations and can easily change the route. For three bedrooms and up, our Home Removals service utilises a few larger van sizes. This is ideal for larger volumes of items, and the relocation can be done in one trip.

One of the packages in Aussie’s range is our dedicated Packing service. Our team will do all the heavy-lifting, inventory, loading and unpacking work for you. This can be invaluable for people who have busy work or household schedules. And this is a service that covers national and European relocations. Aussie’s removals team have all the right packing materials which we also offer for sale from our website and branches.

If you run into an issue with moving dates, we have three storage options available. Our Container Storage package would be suitable if you want long-term storage without the need for regular access. The Self Storage package is typically for people who require frequent access or needs storage for a short period. And our AusBox Storage package combines elements of both the previous options.

Aussie – Helping You Get Your Foot on the Property Ladder in London –

Aussie is the ‘can-do’ removals and storage company that will take on any relocation job, delivering the best possible service. And due to our high standards and attention to detail, we are fortunate to have a loyal group of customers. Furthermore, we receive hundreds of new customers via referrals from happy clients who recommend us to their family, friends, and colleagues.

Customer service is of paramount importance to the Aussie team. We work hard to create and deliver the best removals packages in London. In addition to the tried and tested removals services, we have specialist packages that you won’t find anywhere else. For us, more options equal a better standard of service.

Aussie Man & Van – London’s Favourite Removals and Storage Company –

If you’re planning to become a new homeowner in London, contact us today. We’ll gladly assist you with any relevant information, in addition to providing you with a high standard of removals service when you’re ready to relocate.