A First Time Buyers Checklist for getting on the property ladder

Deciding where to set down your roots for the first time is a big decision so you want to make sure you’ve looked at all the options. Whether you’re looking for a city apartment, rural family home or a simple cosy city apartment nearby to work and conveniently close to shops, making a decision about what will best fit your future is a big one indeed. Luckily as a first time buyer, there are plenty of options available to you. So whatever you’re looking for here are some top tips to save you some money and make the most of getting onto the property ladder for the first time.

Shared Ownership

Shared ownership is a great hack for any first time buyer with their eye on a home they adore but just not quite sure how to afford the deposits. Shared Ownership allows you to buy a share in a property and rent the rest. As you only put down a deposit on the share you wish to buy, this can be between 10% and 75%, you can cut down those initial payments right down.

From shared ownership homes in Hampshire to apartments for sale in Hounslow, this scheme offers homes all over the UK. You can also buy more of your home overtime meaning you can climb the property ladder at your own pace. And with property portals like connectwithhome.co.uk offering a variety of homes to suit everyone, there’s no need to compromise under this scheme.

Help to Buy

This is another great scheme for first time buyers and is widely available across the country and on a range of homes. Help to Buy is a government scheme that ensures you only have to put down a 5% deposit on a property compared to the usual 10%. You will also get a 20% equity loan from the government on your property that you pay no interest on for the first 5 years. This means you only have to get a mortgage for 75% of the property price rather than 90%.

How to Make Your Living Room Look Modern and Sophisticated

And if you live in London you could get a 40% equity loan meaning your mortgage will amount to just 55% of the total value of the home. This scheme can definitely give you a bit more time to settle into the payments and feel a bit more financially secure about your property purchase and as almost all of these homes are new builds you can enjoy moving into a brand new home with a super low deposit.

New Developments

One of the best places to look for both of these schemes are up and coming areas and new Developments. With properties like Shared Ownership homes in Ebbsfleet offering a young professionals paradise and putting you at the heart of the metropolis, looking for areas that have had an injection of revitalisation could be your ticket onto the property ladder. There are plenty of areas offering first-time buyer schemes and with a little shopping around you can find the perfect one for you.

Scroll to Top