Getting on the property ladder may feel out of reach, especially with rising house prices and high deposit requirements. For many prospective homeowners in the UK, especially first-time buyers, homeownership is more achievable than it may seem. With the right support and an understanding of the schemes available, you could be picking up the keys to your first home sooner than you think. In this article, we’ll show you how to achieve your dream of owning your own property.
Consider a Shared Ownership Scheme
Shared ownership is one of the most accessible routes to homeownership for first-time buyers. The scheme allows you to buy a share of a property, between 10% and 75%, and pay rent on the remainder. This is really useful as it allows you to reduce the deposit and mortgage you need upfront.
Sanctuary offers a range of modern, energy-efficient shared ownership homes across the UK, making it easier for you to step onto the ladder in a location that suits your lifestyle and budget. You can also buy more shares in your home over time through a process known as “staircasing”, often until you own 100% - although not always. It is best to check this with your sales advisors before purchasing any shared ownership property.
Start with a Smaller Deposit
Saving for a deposit can be the biggest hurdle when it comes to home ownership. Thanks to schemes like shared ownership and mortgage deals with 5% deposit options, you don’t necessarily need to wait years to save a large lump sum.
Buyers might consider mortgage lenders who offer 95% Loan-to-Value (LTV) deals specifically for first-time buyers. These allow you to purchase a property with just a 5% deposit, which is perfect if you're eager to buy but haven't yet built up a significant savings pot.
Use the First Homes Scheme
The government’s First Homes Scheme is designed to help local first-time buyers and key workers purchase a new-build home at a 30% (or more) discount compared to market value. This government-backed scheme isn’t suitable for everyone, but for those eligible, it can be a great way to make their first home a reality.
These properties must remain discounted for future buyers, too, helping to keep homes affordable in your area over the long term.
Get Financial Support from Family
The “Bank of Mum and Dad” continues to play a big role for many first-time buyers. If your family is in a position to help, they might gift money towards your deposit or act as a guarantor on your mortgage.
Some lenders also offer family-assisted mortgage products that don’t require a deposit at all, just parental support through savings or equity.
Work with a Trusted Developer
Partnering with an experienced housing provider like Sanctuary gives you access to more than just a property; it connects you with a team that understands the challenges of buying your first home.
From guidance on affordability checks to helping you apply for shared ownership, Sanctuary can support you through every stage of the homebuying journey.
Find Your Dream New Build Sooner Than You Think
Your first home is much more attainable than you may have previously thought. Whether you're exploring shared ownership, looking into guarantor mortgages or simply need expert advice, Sanctuary is here to help you find the right path forward.
Explore our available homes today and take the first step towards owning your future, or get in touch with our team at Sanctuary if you have any questions.