Moving to London is a big step so you want to be prepared. Whether you’re looking at apartments for sale in West London or something a little more suburban like shared ownership homes in Surbiton, settling down in the centre is an exciting investment for anyone. So before you decide on your next step, get to know what’s available to you as a first time buyer and the variety of schemes out there.
This scheme has seen growing popularity over recent years for its flexibility and variety of housing available in London. With brand new developments, vast array of areas to choose from and reduced deposits, this scheme is ideal for the London house hunter. Shared Ownership homes in London allow you to part-buy, part-rent without sharing with anyone. This means you buy a share in your property and pay a small rent on the remaining portion of the property. You also only pay a deposit on the portion you wish to buy so this could really save you a lot of time and money when it comes to saving for a deposit. All these homes are also brand new or refurbished listed buildings from Victorian Villas to spacious mill apartments with something for everyone including big families and single young professionals. Shared ownership is available across the London area from shared ownership homes in Acton in West London to shared ownership homes in Dartford. With a plethora of choices, shared ownership is definitely a scheme to keep in mind if you’re struggling to get a deposit together but you’re keen on living in the capital. You can also buy more shares in your home overtime, meaning you can eventually own your entire property but at a pace that suits you.
Help to Buy
This scheme is definitely worth looking into if you have your eye on the London property market. Help to buy allows you to take out a government equity loan of 40% of the value of the property exclusively in London. This loan collects absolutely no interest for the first 5 years and takes a big chunk off your mortgage to really take the pressure off. While the scheme offers a 20% equity loan outside of London, buying a home under the scheme within the city is a great idea through Help to Buy. Not only do you get a no interest loan for 5 years but you also only have to put down a 5% deposit on the property, cutting down those hefty initial payments. With Help to Buy you own the entire property right away and simply pay off your equity loan when you can afford it, when you move house or after the term is over which can be 20 years or more. With this scheme you only need to get a mortgage for 55% of the property value so those interest payments will feel a lot less of a burden. And with plenty of property portals like connectwithhome.co.uk, offering the scheme, the process is quick and simple.
One of the best places to look when it comes to buying a home in London, are new developments. Suburban areas that have seen rapid regeneration, new property developments and a range of leisure facilities built around the busy lives of young professionals, these locations are teeming with government housing schemes and are ideal for the busy London commuter. With shared ownership homes in Ebbsfleet available while connecting you seamlessly to the capital as well as help to buy homes in Sevenoaks that provide plenty of green space as well as great schools, a close community and the beautiful Kent countryside, you can find something that suits you and your future plans in London effortlessly.
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