Whether you’re starting a family and need a bigger family home, you’re starting out with your personalised bachelor pad or you just don’t fancy sharing with mum and dad anymore, being a first time buyer isn’t always the easiest position to be in. While there are many ways to get your hands on your first home not everything is going to suit you and your personal circumstances. So what are you options and how can you find the perfect home for the best deal?

Help to Buy

Yes, this kind of does what it says on the tin; help you to buy. While not only allowing you to pay just 5% deposit you will also receive a 20% equity loan from the government that has no interest for the first 5 years. This is ideal if you’re looking to avoid the big upfront costs and want to lift the pressure off your finances. You can get these kinds of homes in thousands of areas all over the UK from properties for sale in Islington to houses for sale in Kent. Many of these homes are new builds and with the most modern amenities this could be your ideal solution to getting on to the property ladder. 

Shared Ownership

Contrary to the name this scheme doesn’t involve a group of your mates all living under one roof. Instead you buy shares in your home and increase them over time while paying a low cost rent and a manageable mortgage. These homes are popping up all over the capital quickly turning London into a reasonably affordable city. With The Artisan, The Refinery and Montpelier place just a small selection of the bespoke new apartment complexes in the city, shared ownership means you won’t have to compromise on luxury. 

Help to Buy ISA

This is a great way to start off your home buying journey and whether you put in £1 or £1000, if you’re looking to buy a home in the next few years open one today. The government will add 25% on top of your savings meaning you could receive up to £3000 in extra funds if you save £12000. So with £15,000 to put down in deposit whether you’re looking at shared ownership in Sussex, or help to buy in Brighton, the ISA will certainly be something you’ll thank yourself for in the future.

Buying a home has become a lot harder, post 2008 credit crisis, so changing the way you buy a home is an inevitable step to ensuring you still get the perfect match for your money. Whether you’re thinking of looking at shared ownership in London, help to buy in Surrey or you’re just opening your own ISA this very minute, taking your first step and opening your mind to alternative ways to buy a home is the best thing you can do for yourself,  your future and your future home!

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Daniel Peacock

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