Deposit saving is hard work, so it’s no wonder many first-time buyers are looking for a helping hand onto the first rung of the property ladder. In our latest Q&A David Jackson helps a reader looking for a support scheme
The Question
I would like to get onto the property ladder and purchase my first home. Are there any schemes I might be eligible for to help me make my first purchase?
I’m 26-years old, I work full time at a local residential care home with a salary of £24,000 and I live in the North East. It’s just me buying and I’ve no help from parents or family. I’ve saved £4,5000 so far. Thanks for your advice.
David’s Answer
Currently, there are no major government schemes like Help to Buy in place. However, as a first-time buyer, you do benefit from stamp duty reductions. You won’t pay any stamp duty on homes valued up to £250,000, which will be helpful for you when making your first purchase.
Aside from stamp duty relief, some lenders offer cashback deals or have enhanced criteria specifically for first-time buyers, which can make securing a mortgage easier.
It’s a good idea to continue saving to increase your deposit, as the higher your deposit, the more favourable your mortgage options will be.
Additionally, you may want to explore shared ownership schemes, where you can purchase a share of a property and pay rent on the rest.
Although Help to Buy has ended, local developers might offer discounts or initiatives for first-time buyers, so it’s worth keeping an eye out for those opportunities in your area.
Consulting a mortgage adviser can help you get personalised guidance and make the most of any available options for first-time buyers.
