There are thousands of properties in the UK available to buy which you have no doubt been researching already. You should have an idea of what is available in the area you want to live and what it will cost. Property prices can vary significantly in different areas so consider moving further afield than you originally planned, you could find a great bargain if you are open to alternatives.
What other options are available to First Time Buyers?
LIFT – Low-cost Initiative for First Time Buyers
The Scottish Government is committed to supporting home ownership in a balanced and sustainable way by helping people on low to moderate incomes to become home owners, where that is affordable for them. Its LIFT scheme brings together several ways to help households access home ownership. These include:
- New Supply Shared Equity scheme to allow first time buyers to buy a new build property either from a housing association or a private developer.
- New Supply Shared Equity with Developers scheme allows first time buyers to buy a new build property from a developer;
- Open Market Shared Equity scheme to allow first time buyers to buy a property on the open market;
Most house builders in the UK offer generous incentives to first time buyers so it is definitely worth checking what new builds are available in your area. Buying a new home also tends to mean that you have little maintenance to worry about and the property usually comes with most appliances and fittings included and a 10 year guarantee. See our guide to buying a New Home for further details.
Affordable Housing Schemes
There are a number of Housing Associations throughout the country to help first time buyers get on the property ladder. Schemes vary but some of the main options available are outlined below;
You may be eligible for some of the following schemes if you are:
• a first time buyer who can’t afford to buy a property
• a council tenant
• a Housing Association tenant
• those who are on the housing register, waiting for a council or Housing Association home to rent
• a key worker (e.g. social worker or police officer)
The Key Worker Living Programme is available for certain public sector workers such as nurses or teachers. Housing options available to Key Workers are:
Open Market HomeBuy - an ‘equity loan’ to help buy a home on the open market which can be up to 50% of the total property value.
New Build HomeBuy - where you can buy at least 25% of the cost of your home and pay a reduced rent on the remaining share.
Intermediate renting - rent is set at a level between that charged by social and private landlords and the accommodation is provided by a landlord registered with the Housing Corporation (Registered Social Landlord).
Council/Housing Association Tenants
The three schemes available are:
Right to Buy - gives eligible council or Housing Association tenants the right to buy their property at a discount.
Right to Acquire - gives eligible Housing Association tenants a statutory right to purchase the property in which they live at a discount.
Social HomeBuy - shared ownership of your council or Housing Association home if your landlord is participating in the scheme.
Cash Incentive Schemes - some councils may offer tenants cash to help them buy their own home to free their own accommodation for other tenants.
In summary, there are lots of ways for you to buy your first home…do your home work..see whats out there and choose the best options for you and your finances.
Step 2 – Searching for a Home
Step 3 – Home Buying Options
Step 4 – Home Buying Process
Step 5 – Moving In