If you’re looking for a home in the city but not quite sure where to start then you’ve come to the right place. Buying your first home is tough but buying your first home in the capital can be even tougher. If you want to get on the property ladder in London in 2022, check out these simple tips and tricks that might make that journey a little easier for you.
Help to Buy
A great way to get on the property ladder in London is through help to buy. This scheme means you can put down a 5% deposit on the property and exclusive to London, you receive a 40% equity loan from the government. You don’t have to pay any interest on this loan for the first 5 years and will give you plenty of time to get your finances in check. Most of the homes are new builds and you can renovate and remodel as much as you like as it belongs to you entirely. Help to buy is great wherever you want to live in the UK with a 20% equity loan available outside of London. Help to buy homes, with their loan and low deposit, require a mortgage of just 55% in London and 75% outside of London. As a great investment and plenty of apartments for sale in West London to Essex, this is a scheme you don’t want to miss.
Another great way to get on the property ladder in London is through shared ownership. Allowing you to part buy, part rent your property, this scheme comes with plenty of benefits. You can increase your share overtime and eventually own the entire property if you wish. Shared ownership means, as you are only buying a share in a property, you only have to put down a deposit on that share. Therefore, you could be putting a 5% deposit down on a 10% share of a property. Shared ownership is available across London from shared ownership homes in Lewisham to Croydon.
If you’re looking to get your own piece of property in the capital then Garden cities are a great place to start. A new concept designed around the lives of busy young professionals and creative workers, garden cities offer an abundance of green space as well as plenty of enterprise and job opportunities. These areas are also full of shared ownership and Help to Buy homes with shared ownership homes in Hampshire, Ebbsfleet and Welwyn. Garden cities are all about work life balance and offer plenty of trendy bars and restaurants, shopping facilities as well as job opportunities and great transport links. Shared ownership homes in Dartford are a great option with Ebbsfleet offering the best of garden city living.
Buy a home together
Another option, if you’re struggling to get that cash together, is to buy a home between two or three of you. Spreading the cost between a few friends can help both you and your friends out and ensure you make it safely onto the property ladder without the hassle. You can share the deposit and the mortgage and as long as you’re all happy sharing one roof, buying a home between you and your friends could be a great way to get on the property ladder in London in 2022.