Buying your first home

If you are currently in rented accommodation or living with parents or relatives then you may be looking to purchase your own home. These days, it’s is no easy task purchasing your own home as long gone are the days of 100% mortgages. Most mortgage companies like you to have at least ten percent deposits but ideally twenty percent. With the average three bedroom home in the UK costing in excess of two hundred thousand pounds that is a huge amount of money to have to save up. With the cost of living rising too, many young people are struggling to get their foot on the ladder. Some government schemes may help them such as the equity loan which tops up their deposit up to twenty percent. The buy must have at least five percent deposit but the government can then loan them up to an additional fifteen percent. This offer is only open to people who have never owned a home before.

If you are considering buying a new build then you will need a minimum of fifteen percent deposit. You may be able to go down the shared ownership route if you are not able to get a mortgage for the full amount that you require.