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How to Buy A House When You Have No Money

I’ve been involved in the property business for eight years and I can wholeheartedly say there is no better time to buy than now – but why? Writes Ziggy Moore.

Well, in short, prices are only getting higher. Now is the time to make the sacrifice needed and get your foot on the ladder before it’s too late. Procrastination is not only the thief of time, but it also costs a lot of money.

I remember as a child I would hear adults say ‘mind your own business’, and now I understand what they meant. Instead of logging on to Facebook, Instagram or Twitter to see what other people are doing – take care of your own life!

As a Londoner, it may seem like an impossible feat to get that first step on the property ladder. However, there are ways and means, it’s just about knowing how.

In my upcoming columns, I’ll be giving you tips, strategies and advice about the property game. But first, let’s start with the basics: Get your financial house in order…
Like an annual health check, a credit report gives companies who want to give you credit a snapshot of your financial health (you can obtain your credit report free for 30 days from Experian).

Essentially, your credit report gives companies an indication of how good you are at paying back money. It is important you take a look at your credit report on a regular basis, as there may be entries on your account that are stopping you from gaining credit. Silly things like old mobile phone bills (I found out I owed Mercury 121 £2.78 from 1998), or unused store cards can have a negative affect on your credit score. You have the right to have these records removed and query any entries that you disagree with.

Once you’ve cleaned up your record, the next thing you need to do is stop saving (if you are), and start working towards paying off all debts. This means credit cards, loans, overdrafts and store cards. This will work in your favour because it shows you are trustworthy, and good at paying back lenders.

This may take time but you need to start somewhere. It’s time to get your money working for you.

For free property advice contact ziggy_moore@yahoo.co.uk

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