Getting onto the housing market can seem like a daunting prospect at the best of times but add Covid-19 into the mix and it can feel like mountain too steep to climb. However, there are still several ways to help you reach your dream of owning your first home in these changeable times.
More and more Lenders are starting to come to market with higher loan-to-value products, which offer first time buyers the opportunity to buy a home with a lower cash deposit. Many lenders are still keen to offer first time buyers an affordable deal and this is good news as they play a vital role in the housing market.
There are several other schemes that are available to first time buyers. Joint borrower/sole proprietor help to buy and shared ownership to name a few.
These schemes address many of the problems that first time buyers experience and some mean that first time buyers can now get onto the housing market with as little as a 5% cash deposit.
Using a help to buy scheme can allow the buyer to access higher loan to value products using a loan to form part of their deposit. By speaking with me, I can access your affordability for this both now and in the future to see if it is something that would suit you.
Shared ownership works slightly differently, in that you purchase a share of the property and rent the other. More and more housing associations are offering this now and there are some excellent properties on the market for this scheme.
Recently I have been asked a lot about using a guarantor, we have some excellent joint borrower/sole proprietor mortgages which is an excellent way of achieving the right sized mortgage if parents are still able to contribute.
By speaking with me at the early stages of your house search, I can assess how you fit with these schemes and advise you accordingly. It’s important that we consider your income and expenditure carefully in these uncertain times and I will have a full discussion about your current and future circumstances. From this I can provide you with advice on the mortgage that will help you to achieve your goals.
We offer a comprehensive range of first charge mortgages from across the market which lenders make available to mortgage intermediaries.