With the property market booming and many first time buyers making their move on their housing ladder this spring,knowing the opportunities available for first time buyers is key to getting the best deal for your money. With a range of government schemes available in some of the best areas in the UK, getting yourself on the property ladder this spring may just be on the cards.
One of the best ways first time buyers are getting onto the property ladder currently is through shared ownership. This scheme allows you to part-buy, part-rent your home, allowing you to buy a share in your home rather than getting a mortgage for the entire property. This means you only have to put down a deposit on the share you wish to buy and this can be between 10% and 75% of the entire value. You can get shared ownership properties across the country from shared ownership homes in Derbyshire to city apartments in London and with the option to buy more of your home overtime, shared ownership is just as much a financial investment as it is for your future. As you only put down a deposit on your share, you won’t have to worry about those heavy initial payments and with the ability to split the cost of stamp duty too you can take advantage of the flexibility shared ownership offers with this one.
Help To Buy
Another way people are now buying their first home is through Help to Buy. Help to Buy is a helping hand onto the property ladder and is becoming increasingly popular providing the buyer with a 20% equity loan that carries no interest for the first 5 years and allowing you to put down a 5% down payment on the property rather than the usual 10%. The scheme is ideal for first time buyers and with a 40% equity loan in London, buying a home through the scheme means a smaller deposit, smaller mortgage and more time to get your finances in check to take the pressure off.
With new developments popping up all over the London boroughs, getting on the property ladder in some of the most sought after areas is quickly becoming a reality for first time buyers. With spacious shared ownership homes in Surrey, and family shared ownership properties in Hertfordshire, first time buyers are getting their hands on a home in some beautiful suburban locations with great commuter links and plenty of green space on your doorstep. And if the north of England is more your cup of tea then shared ownership homes in Cheshire are idyllic for its proximity to Manchester and sought after countryside surroundings. You can also take advantage of the glorious Kent countryside with shared ownership homes in Tunbridge Wells and revel in the quaint countryside living it offers.
So whether you’re looking to get yourself on the property ladder in the next few months, the near future or you simply want to know what’s available to you, don’t get bogged down in having to put down a 10% mortgage or more while paying stamp duty and then applying for a hefty mortgage. With plenty of first time buyer options out there, you can find your dream home in the ideal location with financial support you deserve.