Options to consider as a first time buyer
In order to help fund your property purchase, you are able to use a family gift to help towards the source of your deposit.
Help to Buy schemes
Help to Buy schemes are available on new build properties. Using this Government scheme, you may be eligible to take a loan from the government in order to fund 20% of your property purchase. This would require having a 5% deposit and a mortgage on the remaining 75%.
Shared Ownership Schemes
A shared ownership scheme allows you to buy a percentage of your property – typically 40% or higher – whilst renting the unowned share from the housing association responsible for the property. This can be useful when living in areas with higher house prices are higher and buying would otherwise be difficult to afford.
Family Assist Mortgages
For some people, it may be necessary to have another person on the mortgage in order to be able to afford a property. In some circumstances you may be eligible to use a parent’s income in order to help you purchase a property.
A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.