Buying a home is an exciting milestone, but the financial hurdles can often feel daunting. Fortunately, there are ways to make the process more manageable and even increase your purchasing power. Whether you’re a first-time buyer or moving into your dream home, these strategies can help make your home purchase more affordable.
This is a contributed post.
WORK WITH A MORTGAGE BROKER
Navigating the mortgage market can be overwhelming, but a mortgage broker can simplify the process and help you find the best deal. Brokers have access to a wide range of lenders and can match you with options tailored to your financial situation.
A broker’s expertise can also save you money in the long run. They can negotiate better interest rates, explain repayment terms, and help you avoid hidden fees. For buyers with unique circumstances, such as irregular income or limited credit history, a broker can find solutions that might not be available through mainstream lenders. Choosing a broker with a solid reputation ensures you get reliable advice and the most competitive options.
UNLOCK UNEXPECTED FUNDS THROUGH PPI CLAIMS
Sometimes, a financial boost can come from an unexpected source. If you’ve financed a vehicle in the past, you may be eligible for compensation from mis-sold Payment Protection Insurance (PPI). Many people are unaware they’ve paid for PPI policies they didn’t need, particularly through car financing providers like Volkswagen Finance.
Eligible buyers can claim through Volkswagen PCP claims, potentially unlocking funds that can go towards a larger deposit. A bigger deposit not only reduces the amount you need to borrow but can also lead to better mortgage terms. Checking your eligibility for PPI claims is a straightforward process and could make a significant difference to your home-buying budget.
EXPLORE BRIDGING MORTGAGE SOLUTIONS
If you already own a home but have found your dream property before selling your current one, timing can be a challenge. Bridging mortgage solutions offer a way to secure funding for your new purchase while waiting to sell your existing home.
This option can be particularly useful when the housing market is slow or if you’re trying to maximise the sale value of your first property. Bridging loans give you the flexibility to move forward with your purchase without feeling pressured to sell quickly. However, it’s important to review the terms carefully, as these loans often come with higher interest rates and shorter repayment periods.
CONSIDER A SIDE HUSTLE FOR EXTRA INCOME
For those looking to save a bit more, a side hustle can provide the extra income needed to cover costs like legal fees, stamp duty, or a larger deposit. Flexible options such as freelancing, online selling, or delivering parcels can fit around your current commitments and help you reach your financial goals faster.
Even small, consistent contributions to your savings can add up over time. For example, earning an extra £100 a month could lead to £1,200 a year—enough to make a noticeable difference in your home-buying budget. A side hustle is not only a practical way to save but also an opportunity to build financial resilience.
Buying a home doesn’t have to feel out of reach. By working with a mortgage broker, unlocking unexpected funds, exploring bridging loans, and earning extra income, you can ease the financial strain and take steps towards owning the home you want. With careful planning and the right strategies, homeownership becomes an achievable goal.
Olivia x
olivialucieblake.com 