Help for first time buyers
Getting your first foot on the property ladder is the most difficult step of all. It can seem impossible and is certainly a little frightening. But there is help out there that can get on your way.
Mortgage advisers know the market better than anyone and they can answer any questions you have and tell you what you need to know.
The main help for homebuyers scheme includes:
Help to Buy
There are three different elements to the government's Help to Buy scheme - the mortgage guarantee, the equity loan and the ISA.
With the mortgage guarantee, you need to save at least a 5% deposit and be buying a home costing under £600,000. This can be new build or an existing property.
It is available to first time buyers and people who already have a mortgage.
The scheme is open until the end of 2016.
The equity loan scheme is only for newly built properties that cost up to £600,000. Again you need to put down just a 5% deposit but then the government lends you 20% of the house price and you get a mortgage for the remaining 75%. There's nothing to pay on the 20% loan for the first five years. Both first time buyers and people who already own a property can apply.
More help is available for people buying in Greater London.
You can find more information in our Help to Buy guide and on the Help to Buy scheme's website.
Shared ownership schemes are run by housing associations for people who have difficult affording a home. You buy a proportion of your home, usually between 25% and 75%, depending on how much you can afford. The housing association owns the balance and you pay rent on that share. You'll need a special shared ownership mortgage.
Over time you can buy more of your home from the housing association.
You can apply for the shared ownership scheme by contacting the Help to Buy agent in your area.
Parents helping first time buyers
Increasingly parents, and other family members, are helping first time buyers to buy their first homes. Some parents can afford to give their children money for the deposit, which is a huge help.
Other parents choose to act as guarantor for the child's mortgage. If the youngster fails to pay the mortgage, the guarantor has to pay it, even if it means repaying until the end of the mortgage. This is not something to take on lightly.
Contact a mortgage broker
Mortgage brokers are a great source of help and information about buying property. Our advisers know the mortgage market well and understand the difficulties facing first time buyers. You can just phone and ask questions.
There is no obligation to go ahead and no charge for the service.