With a housing shortage on our hands and a financial crisis that has affected the length and breadth of the UK, it is undeniable that buying a property has become far more difficult compared to previous generations.

With areas such as London being the most affected, with residents predicted to spend 13 times their salary on a home, buying a property has become less and less of a priority for young people. However, the government is working to change the face of the property market for millennials and first-time buyers all over the country.

With a strategy to work around everyone’s circumstance, you can get onto the property ladder with a little help from one of these programmes.

Shared Ownership

Ideal for anyone looking to ease into home ownership without the pressures of big bills and repayments, Shared Ownership is becoming increasingly popular among first time buyers.

Allowing you to part buy, part rent a home you can choose how much of a property you wish to own and suit it to your future aspirations and financial circumstance. You will also only pay a deposit on the amount you wish to purchase which can be between 25-75% of a property.

So, for example for 50% of a £200,000 home you will pay just £10,000 deposit compared to the usual £20,000 leaving you with a mortgage of £90,000. The remaining portion of the home is owned by non-profit organisations meaning you only pay affordable and fair rent, far cheaper than that charged by private landlords.

From houses for sale in Greenwich to Norfolk, there is a wide variety of properties in hundreds of locations, ensuring you are not limited when it comes to bank-balance friendly homes.

Help to Buy loan

For those struggling to afford the deposit on a home, the Help to Buy scheme can certainly help. When buying a Help to Buy a home you are required to pay just 5% of the value of the home as a deposit and are given a 20% equity loan from the government that has no interest for the first five years.

This will leave you with just 75% of the value to apply for a mortgage and find a plan that suits you. The loan is also extended to 40% in London to help towards the higher prices and shortage in the area. making the loan a great option for a range of people.

Help to buy ISA

Rather than housing itself, this programme aims to help you save for the deposit on a home through your bank or building society. By opening a Help to Buy ISA you will receive money from the government provided you start off by depositing at least £1600, to begin with.

After this amount, you will receive a 25% bonus on anything you save up. So if you should transfer £200 a month into the ISA you will receive a bonus of £50 each time up until you save £12,000 in which you will receive the maximum total bonus of £3000. Help to Buy homes are available up to a value of £400,000 and can certainly kickstart your home ownership and journey on to the property ladder.

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