FIRST HOMES TO GET YOUR HANDS ON

TAKE YOUR PICK FROM LONDON’S NEWEST HOMES WITH HELP TO BUY OR SHARED OWNERSHIP. BY

NEXT Monday is the start of the first National Home Buying Week, a brand new initiative that aims to educate potential buyers throughout England about home ownership and the help that’s available to them when getting on the property ladder.

During the week, buyers will be able to join informative virtual events including live webinars on key topics like Help to Buy, shared ownership and mortgages, where you’ll be able to get your questions answered by a team of property experts. There will also be seminars on essential matters such as boosting your credit score and saving a deposit, plus animations explaining government schemes, and a walk through video and Q+A with vlogger Jade Vanriel. One of the highlights is a masterclass on viewing a property, presented by Jonnie Irwin of BBC’s Escape To The Country and Channel 4’s A Place In The Sun.

‘Being a first-time buyer can be a daunting experience, given the wide range of home-buying schemes available and property jargon that can be confusing,’ Jonnie says. ‘National Home Buying Week is designed to provide a starting point for all buyers and arm them with the information they need to get onto the property ladder in a clear and informative way.

‘It’s an exciting time to be a firsttime buyer, particularly given the new Help to Buy scheme and 95 per cent mortgage announcement, and with the property market set to see a miniboom, now is a great time to find out how you could take those first steps onto the ladder.’

National Home Buying Week, hosted by First Time Buyer Magazine, takes place between March 22-27,

nationalhomebuyingweek.co.uk

WITH sky-high property prices and mindboggling deposits, it’s no wonder home ownership seems out of reach for many.

But rock-bottom interest rates are good news for those seeking new mortgages, while there also great schemes to help you secure your first home, whether you’re struggling with a deposit, the overall house price, or both. We take you through the major options.

GOVERNMENT SCHEMES TO GET YOU ON THE LADDER Help to Buy

Applications are open for the revamped Help to Buy equity loan scheme, launching April 1. First-time buyers with a five per cent deposit can borrow up to 20 per cent of the cost of a new-build home (40 per cent in Greater London), so they only need to find a 75 per cent mortgage. The loan is interestfree for five years and repaid as a proportion of the proceeds when the property is sold. Each of England’s nine regions has a different maximum price cap, from £186,100 in the North East to £600,000 in London.

Shared ownership

You buy a stake in a new or resale home with a mortgage and pay subsidised rent to a housing association on the balance. You’ll only need to find a deposit for the share you’re buying, which is between 25 and 75 per cent of the full market value and can be increased later in a process called staircasing. Shared ownership is available to first-time buyers and former home owners who can’t afford to buy outright and whose household income is no higher than £80,000 (£90,000 in London). The minimum initial share you can buy is due to be reduced from 25 to 10 per cent.

95 per cent mortgage

Starting next month, aspiring owners and home movers with low deposits will be able to access 95 per cent mortgages, which all but disappeared in the pandemic. Available on new and second-hand homes costing up to £600,000.

Lifetime ISA

Put up to £4,000 a year into a Lisa to get a 25 per cent bonus when buying your first home with a mortgage. You must be aged 18-39 when opening the account, buy at least 12 months after making your first payment into it, and the home can cost up to £450,000.

‘We didn’t have to compromise at all’

Pre-school worker Rachell Maude Turner and cleaning supervisor Ryan Boomer have lived in Milton Keynes all their lives and wanted to stay there when they bought their first home together.

The couple, both 28, lived with Ryan’s parents for eight years, then rented a threebedroom house while they researched new homes for sale nearby. But they couldn’t find one they liked as much as the one they were renting and felt they’d have to lower their expectations.

Then they booked a viewing at L&Q’s Saxon Reach on the outskirts of Milton Keynes and fell in love with the show home’s ‘spacious entrance, high ceilings, soft carpets and fully integrated kitchen appliances’. Says Rachell: ‘The house ticked every box on our list. The rooms were all bigger than those in our home at the time, as was the garden. There was one threebedroom, shared ownership townhouse left, so we reserved it immediately. We didn’t want to risk anyone else taking our dream house.’

They bought a 45 per cent share. ‘The process was extremely smooth, even in the pandemic,’ adds Rachell. ‘This home needed no compromises and will be perfect to raise children. We plan on staircasing as ideally we’d like to own 100 per cent of our forever home.’

Saxon Reach is a community of shared ownership and private sale one- to five-bedroom homes. The next phase launches next month, with prices expected to start at £77,500 for 25 per cent of a two-bed house with a market value of £310,000.