Money Matters with... To buy or not to buy, that is the question.
W
ith the market currently lacking in good news, reporting on flat house prices and the struggle to obtain a
mortgage, it could seem like buying a property might be too difficult to attempt. In fact, whether or not owning a home is right for you, it’s also about your individual circumstances, and there are a lot of things to consider when deciding if you want to take that first step onto the property ladder. The rental market is booming at the
moment, with would-be First Time Buyers forced into renting and Buy-to-Let owners
cashing in on the demand for high quality properties and pushing up the cost of rental. Welsh mortgage holders currently pay less of their income towards their mortgage payment than the rest of the UK, according to the Council of Mortgage lenders, so it is a possibility that a mortgage may work out cheaper than facing spiralling rental costs. For those looking for stability, fixed termmortgages offer the opportunity of a long term set payment that you can build the rest of your finances around.
The picture is also looking brighter for
first time buyers. The Principality recently introduced a market-leading 95% mortgage to help first time buyers in Wales, and those with limited deposits, to enter the property market. The good news is, as a first time buyer, time
is on your side. With no sign of any dramatic changes to the property market, there is no rush to leap into ownership. Building up a decent deposit will give you far better access to the market and leading rates, and contribute to your future financial security.
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