London and Quadrant: Regional Sales Director Lucy Chitty busts her top five myths about home ownership
Countdown to the London Home Show Autumn 2017: L&Q’s Lucy Chitty dispels some of the myths about home ownership.
Does owning your own home feel like a distant dream? Whether you’re already saving for a deposit or just starting to consider the idea of your own place in the future, you’ve probably heard some of these myths. So, what are they and how will they affect you getting onto the property ladder?
Myth 1: If I buy my own home, I’ll be permanently broke, because I’ll always be saving!
There are lots of affordable options available for first time buyers including Shared Ownership and Help to Buy, which will help to free up some of your hard-earned cash. For example, when buying a Shared Ownership home, as little as a 5% deposit of the share being purchased could be required.
Myth 2: Doesn’t Shared Ownership mean I have to share my property with other people?
Absolutely not – you can buy and live by yourself! Shared Ownership means you buy a share of your home, usually a minimum of 25%, paying a mortgage on the share you own and a subsidised rent on the rest. You can buy additional shares in the property over time, and ultimately own the property outright.
Myth 3: I will never be able to afford a home by myself.
In a recent L&Q survey over a third of participants said they expect to require financial help from parents to purchase a property, and over half think they will need to purchase with a partner. However, you can be independent with affordable options helping to keep your monthly payments down. Mortgage repayments through Shared Ownership are lower because you only buy an initial percentage share, and your monthly expenses can be less than if you were renting privately on the open market.
Myth 4: Never buy a new home on Friday 13th.
Don’t believe in superstitions! If you’ve done your research and most importantly, spoken to an independent mortgage advisor, nothing should get in the way of your dream of buying your first home.
Myth 5: If I want to buy in London I won’t be able to live in a convenient location.
That’s not true! Here are just three examples of locations where you could be eligible to purchase your first home with L&Q:
L&Q @ Greenwich Peninsula, Greenwich Peninsula: Shared Ownership homes at Greenwich Peninsula are in a prime riverside location. Within walking distance of North Greenwich station and the 02, this landmark development helps buyers make the most of living in London.
The Quarry, Erith: Set to breathe new life into a long abandoned area of land, The Quarry in Erith is a brand new eco-development offering up to 600 new homes, including Shared Ownership. In the first phase of the launch, 27 out of 47 homes will be available to buy through L&Q’s Shared Ownership scheme.
Weavers Quarters, Barking: Across the Thames in the property hotspot of Barking, Weavers Quarter will offer a range of homes from one to four bedrooms, set around open green space. The first phase is due to launch in autumn 2017 and will deliver 470 new homes, 221 of which will be available with Shared Ownership.
To find out more, take a look at the step-by-step guide to Shared Ownership with L&Q at www.lqpricedin.co.uk
L&Q are sponsors of the London Home Show Autumn 2017, on the 23rd September at the QEIIC. For more information about the event and to get your free ticket visit the London Home Show event page.