Home Buying Advice For First Time Buyers

Whether you’re looking for something spacious closeby to schools with a big back garden for the family or a city apartment with the nightlife and the office job on your doorstep or you simply feel like it’s time to move out from mum and dads, buying your first home is certainly worth the excitement. Knowing the best way to buy a home and what your options are as a first time buyer is essential. So make sure you know what’s available to you as a first time buyer and feel confident as you take the next step along your home buying journey.

Help to Buy

A scheme that’s great for anyone looking to get on the property ladder with a smaller deposit and without a hefty down payment, Help to Buy allows you to put down a 5% deposit and obtain a 20% equity loan. This loan carries no interest for the first 5 years and with just a £1 a month service charge it certainly takes the pressure off your finances. And should you want to live

In the capital but are put off by the sky-high prices, this loan is increased to 40% which will certainly help get you on the property ladder in this sought after area. And with a 5% deposit you only need a mortgage of just 55% of the property value which will give you plenty of flexibility. These homes are also available to buy through sites such as connectwithhomes.co.uk and with a range of properties from big family homes for sale in Maidstone to Manchester, there’s plenty of choice whatever you may be looking for.

Shared Ownership

If getting a hefty mortgage and putting down a deposit sounds daunting at this point then shared ownership may be for you. Allowing you to part-by, part-rent your home this method means you can avoid those big initial payments and actually own your own share in a property. As you only buy a share in the property you also only have to put down a deposit on just that share making the initial payments a lot easier. This method of buying means your mortgage will be much smaller than if you were to get a mortgage on 90% of a property’s value. With shared ownership this value is between 10% and 75% of the property which is great news if your credit score isn’t quite in the shape you want it to be in. And with the option to buy more of your home over time, shared ownership could really help if you’re a first time buyer on the lookout for something within budget and ticks all the boxes. And with shared ownership homes in Surbiton to shared ownership apartments in Hampshire there’s plenty of choice when it comes to this scheme.

New Developments

If London living is more up your street then you want to be checking out the new developments that are cropping up all over the city. Places like shared ownership homes in Dartford, Harrow and Woowich are all brimming with new homes from apartments to family houses with all the benefits of being closeby to the metropolitan hub. These homes are also free from stand duty until the end of June and come under shared ownership and help to buy making London living far more accessible. There are also a huge number of commuter towns to browse whether you’re looking for utopian suburbia or something a little more central.

So whatever you’re looking for on your house hunting journey make sure you know all the avenues as a first time buyer. It may just save you a few pennies!

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Ellie Richards

Ellie Richards

A full time creative mom running her own blog site. Helping others realise how creative they can become.

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