{"id":6542,"date":"2023-05-29T19:30:36","date_gmt":"2023-05-29T19:30:36","guid":{"rendered":"https:\/\/www.credit-score.com\/blog\/?p=6542"},"modified":"2023-06-04T18:44:19","modified_gmt":"2023-06-04T18:44:19","slug":"the-ultimate-guide-to-get-on-the-property-ladder","status":"publish","type":"post","link":"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/","title":{"rendered":"The Ultimate Guide to Get on the Property Ladder"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">It can be difficult to purchase your first home, especially in areas with high property prices. Fortunately, there are various ways you can overcome this challenge. One option is to use government schemes specifically designed for first time buyers. These schemes can make the process of buying a property easier. We have outlined some schemes available to first-time buyers to help you achieve your dream of owning a home.<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">What&#039;s Included?<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Get_saving_for_a_deposit\" >Get saving for a deposit<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#The_mortgage_guarantee_scheme\" >The mortgage guarantee scheme<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Right_to_Buy\" >Right to Buy<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#How_does_it_work\" >How does it work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Whos_it_for\" >Who\u2019s it for?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Advantages_of_Right_to_Buy\" >Advantages of Right to Buy<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Disadvantages_of_Right_to_Buy\" >Disadvantages of Right to Buy<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Shared_Ownership\" >Shared Ownership<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#How_does_shared_ownership_work\" >How does shared ownership work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Whos_it_for-2\" >Who\u2019s it for?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Advantages_of_shared_ownership\" >Advantages of shared ownership<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Disadvantages_of_shared_ownership\" >Disadvantages of shared ownership<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Co-ownership_in_Northern_Ireland\" >Co-ownership in Northern Ireland<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#How_does_Co-ownership_in_Northern_Ireland_work\" >How does Co-ownership in Northern Ireland work?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Whos_it_for-3\" >Who\u2019s it for?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Advantages_of_co-ownership_in_Northern_Ireland\" >Advantages of co-ownership in Northern Ireland<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Disadvantages_of_Co-ownership_in_Northern_Ireland\" >Disadvantages of Co-ownership in Northern Ireland<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-18\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Borrow_from_Parents\" >Borrow from Parents<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-19\" href=\"https:\/\/www.check.co.uk\/blog\/homes\/first-time-buyers\/the-ultimate-guide-to-get-on-the-property-ladder\/#Frequently_Asked_Questions\" >Frequently Asked Questions<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\" id=\"h-get-saving-for-a-deposit\"><span class=\"ez-toc-section\" id=\"Get_saving_for_a_deposit\"><\/span>Get saving for a deposit<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Saving a bigger deposit can make it easier to buy a property and provide more mortgage options. Some lenders offer 100% mortgages but require parents to keep a percentage of the purchase price in a separate savings account.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If you&#8217;re having difficulty saving, list all your expenses and identify any non-essential ones you can eliminate. Lenders give better interest rates to individuals who can provide larger down payments, meaning your monthly mortgage payments will likely be less expensive as you save more.<\/p>\n\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-the-mortgage-guarantee-scheme\"><span class=\"ez-toc-section\" id=\"The_mortgage_guarantee_scheme\"><\/span>The mortgage guarantee scheme<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The March 2021 Budget introduced the mortgage guarantee scheme, which intends to assist first-time homebuyers and those who have saved a 5% deposit but require extra support in purchasing their first property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">With a 5% deposit, buyers can purchase a property that costs \u00a3600,000 or less. The government will guarantee the mortgages offered, implying that the lender&#8217;s losses will be partially covered if the property is repossessed or sold for less than the outstanding mortgage value.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The scheme will be in operation from April 2021 till December 2022. As per the scheme&#8217;s terms, lenders must provide a product that includes a fixed rate for five years to assist buyers in maintaining a steady budget.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The current mortgage guarantee scheme is similar to the Help to Buy mortgage guarantee scheme that ended in 2016.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-right-to-buy\"><span class=\"ez-toc-section\" id=\"Right_to_Buy\"><\/span>Right to Buy<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">I am referring to the scheme called the Right to Buy mortgage. It allows council tenants who live in England to purchase their council home with a discount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-it-work\"><span class=\"ez-toc-section\" id=\"How_does_it_work\"><\/span>How does it work?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">The Right to Buy scheme discounts tenants who wish to purchase their home. The maximum discount you can receive is \u00a384,200 in England or \u00a3112,300 in London. The amount increases each year to match inflation (CPI). The value of the discount depends on factors such as the property&#8217;s value, type (e.g. flat or house), and how long you&#8217;ve been a tenant.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-s-it-for\"><span class=\"ez-toc-section\" id=\"Whos_it_for\"><\/span>Who\u2019s it for?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You can only qualify if you have been living in a council property that is self-contained and is your primary residence or the only home you have had for at least three years. Additionally, your landlord must be a public sector landlord, such as a council or housing association.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-advantages-of-right-to-buy\"><span class=\"ez-toc-section\" id=\"Advantages_of_Right_to_Buy\"><\/span>Advantages of Right to Buy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 We offer a discount on the property&#8217;s market value to assist you in purchasing the property at a more reasonable price.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 You can sell your home without repaying the discount after 5 years.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-disadvantages-of-right-to-buy\"><span class=\"ez-toc-section\" id=\"Disadvantages_of_Right_to_Buy\"><\/span>Disadvantages of Right to Buy<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 When purchasing a flat, you must pay a service charge to the council or housing association to cover maintenance fees for the building.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Once you become a property owner, you will no longer be eligible for housing benefit.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-shared-ownership\"><span class=\"ez-toc-section\" id=\"Shared_Ownership\"><\/span>Shared Ownership<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">You can purchase a portion of a property from a council or housing association through Shared Ownership schemes. Afterwards, you can pay rent for the remaining part and even choose to buy a larger share later on.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-shared-ownership-work\"><span class=\"ez-toc-section\" id=\"How_does_shared_ownership_work\"><\/span>How does shared ownership work?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It is possible to purchase an initial share of a property ranging from 25% to 75% of its total value. Later on, if you wish to, you can buy more shares, referred to as staircasing, until you have acquired 100% ownership of the property.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-s-it-for-1\"><span class=\"ez-toc-section\" id=\"Whos_it_for-2\"><\/span>Who\u2019s it for?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">If you live outside London, your household earning should not exceed \u00a380,000 per year to be eligible for Shared Ownership. However, the limit is \u00a390,000 per year if you reside in London.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-advantages-of-shared-ownership\"><span class=\"ez-toc-section\" id=\"Advantages_of_shared_ownership\"><\/span>Advantages of shared ownership<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 You must make a smaller deposit since you buy only a portion, not the entire property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 The scheme aims to assist individuals who cannot afford to purchase a property outright to make homeownership more attainable.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-disadvantages-of-shared-ownership\"><span class=\"ez-toc-section\" id=\"Disadvantages_of_shared_ownership\"><\/span>Disadvantages of shared ownership<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 When you sell the property, you will only make a profit on the part of the property that you own. The rest of the profit will go to the housing association or council.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 If a loss occurs, it will be divided between you and the council or housing association based on the proportion of shares you own.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-co-ownership-in-northern-ireland\"><span class=\"ez-toc-section\" id=\"Co-ownership_in_Northern_Ireland\"><\/span>Co-ownership in Northern Ireland<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In Northern Ireland, co-ownership functions similarly to Shared Ownership in England. This means that first-time buyers can buy a portion of a property and pay rent on the remaining amount they do not own.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-how-does-co-ownership-in-northern-ireland-work\"><span class=\"ez-toc-section\" id=\"How_does_Co-ownership_in_Northern_Ireland_work\"><\/span>How does Co-ownership in Northern Ireland work?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To purchase a property through the Northern Ireland Co-ownership Housing Association (NICHA), you can buy a minimum share of 50% or a maximum share of 90% if you can afford it. You will have a mortgage on the portion you own and need to pay rent on the other part to NICHA. The cost of the property you intend to buy cannot exceed \u00a3165,000.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-who-s-it-for-2\"><span class=\"ez-toc-section\" id=\"Whos_it_for-3\"><\/span>Who\u2019s it for?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">To be eligible for first-time buyer status in Northern Ireland, you must be over 18 years old and not own any other properties. The property you want to purchase cannot be a housing association property.<\/p>\n\n\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-advantages-of-co-ownership-in-northern-ireland\"><span class=\"ez-toc-section\" id=\"Advantages_of_co-ownership_in_Northern_Ireland\"><\/span>Advantages of co-ownership in Northern Ireland<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 The scheme aims to increase affordability for individuals who cannot purchase a house outright by enabling them to own a property.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 Since you purchase only a portion of the property, the required deposit amount will be smaller.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-disadvantages-of-co-ownership-in-northern-ireland\"><span class=\"ez-toc-section\" id=\"Disadvantages_of_Co-ownership_in_Northern_Ireland\"><\/span>Disadvantages of Co-ownership in Northern Ireland<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 You can only qualify for co-ownership if you would not have been able to purchase a property without implementing this scheme.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u2022 As the property owner, you are responsible for all repairs that need to be done.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-borrow-from-parents\"><span class=\"ez-toc-section\" id=\"Borrow_from_Parents\"><\/span>Borrow from Parents<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">If your family is willing to give you financial assistance, they can help you in different ways. They can loan you your deposit or act as your guarantor. Alternatively, they could co-sign a mortgage with you. Certain types of mortgages are tailored for parental support, allowing you to use the equity in your parent&#8217;s home as extra security.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If parents decide to jointly own a property with their already owned home, they should remember that this may result in a capital gains tax (CGT) and extra stamp duty charges on the new property.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-frequently-asked-questions\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions\"><\/span>Frequently Asked Questions<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n<div class=\"wp-block-ub-content-toggle wp-block-ub-content-toggle-block\" id=\"ub-content-toggle-block-d341560f-5bab-443f-97a0-e5c23e62e2f3\" data-mobilecollapse=\"false\" data-desktopcollapse=\"true\" data-preventcollapse=\"false\" data-showonlyone=\"false\">\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-0-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">1. How can I save for a deposit?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-0-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">Saving a bigger deposit can make it easier for you to buy a property and give you more options for mortgages. If you&#8217;re having trouble saving, make a list of your expenses and see if there are any non-essential items you can cut back on. Lenders give better rates to people with larger deposits, meaning the more you save, the lower your monthly mortgage payments will be.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-1-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">2. What is the mortgage guarantee scheme?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-1-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">The March 2021 Budget announced the mortgage guarantee scheme to assist first time buyers and home movers with a 5% deposit who require additional support to purchase a property and enter the property market. With this scheme, buyers may acquire a property up to \u00a3600,000 with their 5% deposit while the Government guarantees the mortgages provided. This guarantee ensures that if the property is repossessed or sold for an amount less than the outstanding mortgage value, some of the lender&#8217;s losses will be compensated.<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-2-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">3. What is Right to Buy?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-2-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">In England, council tenants have the opportunity to purchase their council home at a reduced price through the Right to Buy mortgage scheme. You can receive a discount on your home&#8217;s market value of up to \u00a384,200 (or up to \u00a3112,300 if you live in London). This amount increases annually to match inflation as measured by the Consumer Prices Index (CPI).<\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-3-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">4. Is it hard to get onto the property ladder?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-3-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">It&#8217;s a difficult time to get onto the property ladder without any advice, guidance or external help. The past few years have seen a lot of changes that have had a significant impact on the housing market, making it more difficult for buyers to get a mortgage and afford deposits for a house.<sup>1<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-4-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">5. How has Covid-19 impacted getting onto the property ladder?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-4-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">Over the past couple of years, and even more so as a result of the pandemic, an increasing number of lenders have ended mortgage offers for borrowers with a 5% or 10% deposit.<sup> 1<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-5-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">6. What are tougher caps on mortgages?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-5-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">Another factor that&#8217;s made it difficult for people to buy their first home is the tougher caps on mortgage thresholds, making mortgages a lot trickier to come by. When you apply for a mortgage, how much you\u2019ll be able to borrow is usually capped at a multiple of your annual earnings. However, these mortgage thresholds have been capped at a lower value from a number of lenders due to the pandemic&#8217;s impact on the housing market.<sup> 1<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-6-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">7. How do high rents impact getting onto the property ladder?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-6-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">High rents mean savings are being spent every month on the cost of rented properties rather than deposits for a dream house or flat. People can&#8217;t even start to think about putting in an offer for a home when monthly rent fees are draining most of their savings.<sup> 1<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-7-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">8. What help is available for first-time buyers?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-7-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">There are plenty of schemes and funding out there to help cover some of the costs such as Help to Buy ISA which was specifically designed to help first time buyers save up a deposit.<sup> 1<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-8-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">9. What is Help to Buy ISA?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-8-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">The Help to Buy Individual Savings Account was specifically designed to help first time buyers save up a deposit. You could initially pay up to \u00a31,200 into this type of savings account then up to a monthly sum of \u00a3200 for following months. With a Help to Buy ISA, the government will add 25% to any money you put into account.<sup> 1<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n\n<div class=\"wp-block-ub-content-toggle-accordion\" style=\"border-color: #4185f8; border-top-left-radius: 8px; border-top-right-radius: 8px; border-bottom-left-radius: 8px; border-bottom-right-radius: 8px; \" id=\"ub-content-toggle-panel-block-\">\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-title-wrap\" style=\"background-color: #4185f8;\" aria-controls=\"ub-content-toggle-panel-9-d341560f-5bab-443f-97a0-e5c23e62e2f3\" tabindex=\"0\">\n\t\t\t<p class=\"wp-block-ub-content-toggle-accordion-title ub-content-toggle-title-d341560f-5bab-443f-97a0-e5c23e62e2f3\" style=\"color: #FFFFFF; \">10. Can I get loan for new-build home?<\/p>\n\t\t\t<div class=\"wp-block-ub-content-toggle-accordion-toggle-wrap right\" style=\"color: #FFFFFF;\"><span class=\"wp-block-ub-content-toggle-accordion-state-indicator wp-block-ub-chevron-down\"><\/span><\/div>\n\t\t<\/div>\n\t\t\t<div role=\"region\" aria-expanded=\"false\" class=\"wp-block-ub-content-toggle-accordion-content-wrap ub-hide\" id=\"ub-content-toggle-panel-9-d341560f-5bab-443f-97a0-e5c23e62e2f3\">\n\n<p class=\"wp-block-paragraph\">You can get loan for up 20% (40% in London) of purchase price of new-build home. You borrow rest from mortgage lender but should be able get better deals as have larger deposit. You need at least 5% deposit and there are regional limits on sale price homes can buy. <sup>2<\/sup><\/p>\n\n<\/div>\n\t\t<\/div>\n<\/div>\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">References:<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li class=\"has-small-font-size\">How to get on the property ladder &#8211; Wayhome. <a href=\"https:\/\/www.wayhome.co.uk\/blog\/how-to-get-on-the-property-ladder\">https:\/\/www.wayhome.co.uk\/blog\/how-to-get-on-the-property-ladder<\/a><\/li>\n\n\n\n<li class=\"has-small-font-size\">How to get onto the property ladder | GoCompare. <a href=\"https:\/\/www.gocompare.com\/mortgages\/how-to-get-onto-property-ladder\">https:\/\/www.gocompare.com\/mortgages\/how-to-get-onto-property-ladder<\/a><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"It can be difficult to purchase your first home, especially in areas with high property prices. Fortunately, there are various ways you can overcome this challenge. One option is to use government schemes\n","protected":false},"author":1,"featured_media":7276,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[475],"tags":[],"class_list":["post-6542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-first-time-buyers"],"acf":[],"featured_image_src":"https:\/\/www.check.co.uk\/blog\/wp-content\/uploads\/2023\/06\/RAJune2023117.jpg","author_info":{"display_name":"Credit Score UK","author_link":"https:\/\/www.check.co.uk\/blog\/author\/coco\/"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Everything You Need to Know to Get on the Property Ladder | Credit-Score<\/title>\n<meta name=\"description\" content=\"Learn the essential steps to climb the property ladder with Credit-Score Home. 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