If you’ve decided that 2022 is going to be your year for buying a home then you could do with knowing a few tips and tricks to ensure you find exactly what you’re looking for. Whether you’re looking to buy a shared ownership apartment in West London or a big family home in Kent, get to know the market and you could be moving in before the spring.
Shared ownership
A great way to get on the property ladder this year is through shared ownership. This scheme allows you to part buy, part rent a property and therefore pay a smaller deposit and mortgage. Shared ownership is available across the UK from shared ownership homes in Maidstone to shared ownership apartments in Croydon and is making getting on the property ladder in London considerably easier for many first time buyers. You begin by buying a share in the property and are able to gradually increase this share overtime at a pace that suits you. This means you can spread the cost and cut down on those hefty initial payments. Shared ownership offers new homes in some idyllic locations and is well worth looking into if you want to buy your home this year.
Help to Buy
Another scheme that will have you saving on those initial payments is Help to Buy. Another government scheme that’s been around for a while but seen growing popularity, help to buy involves putting down a 5% deposit on the home and receiving a 20% equity loan on the value of the house. This loan has 0% interest for the first 5 years giving you plenty of time to get your finances in check. With the deposit and the loan you will only have to apply for a mortgage with 75% of the property, making it more likely for you to be accepted. And if you want to buy a property in London then you will receive a 40% no interest equity loan for the first 5 years leaving you with a mortgage of 55%. Unlike shared ownership, with help to buy you own the entire property from the very start and this is available on a range of properties with many new build developments promoting this scheme.
London Boroughs
If your dream is to get on the property ladder in London but you’re not quite sure where to start then the various London boroughs are a great spot to begin your search. With many areas including Dartford, Bromley and West Drayton all being given a fresh lick of paint and brand new town centres, these are a great place to get your foot on the property ladder. These areas offer shared ownership homes and help to buy and come with all your most desired amenities from starbucks to Nandos and gyms to bars and restaurants. London boroughs are being redesigned with the young professional in mind so whether you’re browsing shared ownership homes in Dartford or you fancy a shared ownership apartment in Acton, these areas are great especially if you’re new to London living and simply want to ease yourself in.
So however you plan to get on the property ladder in 2022, make sure you take advantage of the schemes out there available to first time buyers and hit the ground running when it comes to get your hands on your first home.
