A guide to buying your first home without the stress

With a financial crisis in full whack buying your first home can be a difficult process, but it doesn’t have to be. With plenty of solutions out there, you can get the house you want at a price you can afford in an area that’s right for you. House hunting should be an enjoyable endeavour in finding the perfect place to set down your roots and knowing you have plenty of options financially will give you that peace of mind to help you get on your way to becoming a homeowner.

Help to Buy

This scheme is a great way of getting on to the property ladder with a bit of financial help if you are struggling. With a 20% equity loan from the government that has zero interest for the first 5 years, this scheme will help take the pressure off while you get your finances together as you settle into your new home. You will also only be paying a 5% deposit so there’s no need to sweat over saving for a deposit that you will struggle to afford.

The loan and the deposit combined will leave you with a much more manageable 75% mortgage and help you stay ahead of your finances.

Shared ownership

This scheme allows you to buy between 25% and 75% of a house and rent the rest from non-profit organisations meaning you benefit from a manageable mortgage and reduced rent. You only pay a deposit on the percentage you wish to buy so for 50% of a £200,000 house the deposit will be £10,000 compared to the usual £20,000 that is charged. The remaining rent will be far less than what is charged by private landlords as housing associations are non-profit and only charge fair and affordable fees.

These homes are also new builds and readily available in many areas, with properties for sale in Lewisham to the Lake District and Clitheroe to Canterbury, there will be a home out there that’s just right for you and your family. With a whole variety of housing to choose from including large family homes and smaller terraced houses you can find what you’re looking for while not having to save for a huge deposit.

Homes for Londoners

If you’re looking to live in the capital but you can’t hack the hefty deposits and impossible mortgages, Homes for Londoners is a new scheme by Sadiq Khan that aims to make properties in London affordable to people who are from the area. One of these programmes is First Dibs which ensures Londoners get priority when buying properties instead of the highest bidders which can often be overseas buyers or buy to let landlords.

There are also opportunities for shared ownership in London as well as help to buy programmes that offer 40% equity loans instead of 20% leaving you just a 55% mortgage. All these homes are newly built and perfect if you’re looking for somewhere to start a family, with many schools nearby and excellent transport links.

Choosing a place to live can be one of the most important decisions you make for you and your family so make sure you look into all the options before you make a final decision. While looking for your first home can take time it shouldn’t be stressful so enjoy the process and be excited for the future you have planned.