First-Time Buyers

Potential Buying Options

Shared Ownership

This scheme a cross between buying and renting - you own a share and then rent the part you don’t own at a reduced rate. You have the option to buy a bigger shares in the property at a later dates – until you own the property outright.

Help to Buy

This government scheme helps first-time buyers get a property with just a 5% deposit. You can borrow 20% of the purchase price, interest free for five years. This scheme will run until 31 March 2023. 

Mortgage Guarantee

The scheme aims to help people who have managed to save a 5% deposit, but need some extra help getting on the property ladder. The Government will guarantee the mortgage offered to protect lenders against potential losses – making them more likely to lend at the higher loan to value ratio. The scheme is scheduled to run until December 2022.

Borrow from Mum & Dad

If you have family who are prepared to provide you with financial help, there are various ways they can support you. For instance, they may agree to loan you the money you need for a deposit, or they may act as guarantors or by taking out a mortgage jointly with you (some mortgages are specifically designed with parental support in mind).

Speak to a Mortgage Advisor

Ultimately your buying options will be down to your: -

  • saving deposit size
  • sustainable affordability
  • individual circumstances

Therefore, before you even start looking at properties it is worth speaking to a Mortgage Advisor to find out the best buying option for you.

Umbrella Homes have tried and tested Mortgages Advisors that we work with, so if you need help finding advice, then please contact us on 01565 654321 - and we can direct you to experts in the field.