New Year, New Home: Get on the property ladder in 2023
First time buyer guide to buying a home in the New Year
After a challenging few years, it has become clear that having security and space to call your own has never been more important. As we bid farewell to 2022, it’s likely that people will be looking to the future with many dreaming of finally getting onto the property ladder.
If your New Year’s resolution is to buy your first home, we’ve taken a look at some of the ways you can make it happen!
What are your housing options?
With property prices on the increase and cost of living concerns, many potential purchasers will be feeling priced out of the market in their local area – but there are alternatives routes to homeownership that could work for you!
At Share to Buy, we offer information about various home-buying products including Shared Ownership, Older Persons Shared Ownership, First Homes, Deposit Unlock, Discount Full Ownership and Discount Market Sale. There are also plenty of alternative rental options tailored to those who are aiming to get on the housing ladder in the next few years including Intermediate Rent, Rent to Buy and London Living Rent.
First HomesLearn about the government discount scheme.
Shared OwnershipLearn about the part-buy part-rent scheme.
Deposit UnlockLearn about the 5% deposit scheme.
Discount Full OwnershipLearn about the 20% discount scheme in London.
Discount Market SaleLearn about the reduced market value scheme.
Rental optionsLearn about Intermediate Rent, Rent to Save and London Living Rent.
Can you afford to buy a home?
Whether you’re buying a new home on the open market or through alternative housing schemes such as Shared Ownership, you will likely need to take out a mortgage. You can make sure you’re as prepared as possible by getting your finances in order, looking into your spending habits, and using online tools such as our mortgage calculator to see what might be affordable to you.
As well as raising the required deposit and getting a mortgage, there are other costs that budding buyers will need to factor in when buying their new home such as legal fees, valuation fees and moving costs. It’s therefore crucial to do that research before starting the process and prepare your finances accordingly!
We would also recommend speaking with a specialist financial advisor who will be able to assess your finances and discuss the options best suited to your circumstances.
Shared Ownership Mortgage CalculatorSee if the mortgage you want is affordable to you.
Shared Ownership Mortgage ComparisonCompare Shared Ownership mortgage options for free.
Costs of buying a Shared Ownership homeLearn more about the costs associated with buying your first home.
What type of home do you want?
Buying your first home is likely to be the biggest decision you ever make, and will therefore require a lot of research. On top of comparing house prices, looking into different areas, and choosing a scheme type that works for you, you’ll also need to decide which type of property suits your needs best.
Do you want a new build apartment in a wider development which offers warranties and on-site amenities, or do you prefer the character of an older property in a community which already exists?
On Share to Buy, you can view thousands of property listings all across the country to help you narrow down your search. You can use filters such as tenure, number of bedrooms, location and accessibility to hone in on your ideal abode, and can even register to receive alerts when new properties that fit your criteria are announced by email.
Create a free account with Share to BuySign up to receive property alerts and enquire about homes.
Search for your new home on Share to BuyUse filters to find affordable homes in your area and beyond.
New Build vs. ResaleLearn about the differences of brand new and second-hand homes.
What services are available to first time buyers?
Buying your first home can be incredibly daunting, but there are lots of companies and firms offering services to help you on your way!
You may wish to work with a mortgage advisor who can look into your finances and make an assessment on how much you may be able to borrow. They will also be able to provide you with a mortgage offer in principle which proves to sellers that you can afford what’s on the table.
For the legal aspect of buying a home, you will need to appoint a solicitor or conveyancer; we would suggest doing lots of research, including checking reviews from other buyers and getting quotes from multiple companies as the costs can vary greatly between firms. If you choose to buy through Shared Ownership, we would also recommend using a specialist firm who have experience with the scheme.
Censeo FinancialContact a specialist Shared Ownership mortgage broker.
Solicitor & Conveyancing PanelContact specialist Shared Ownership solicitor firms.
Share to Buy’s Article IndexLearn all about your housing options and the buying process.
How can you prepare to buy your first home?
There’s a number of things you can do to get started on your home-buying journey. As well as researching the different options and types of properties that are available, you may also want to view case studies and testimonials from other buyers who purchased through schemes such as Shared Ownership and Help to Buy.
If you’re hoping to get on the ladder as quickly as possible, one of the best ways to speed up the process is to make sure all of your paperwork is ready to go. Generally, lenders will require a number of supporting documents to accompany your mortgage application, including copies of your ID, proof of address and bank statements.
First time buyer success storiesAccess Shared Ownership case studies from real buyers.
Prepare for your mortgage applicationFind out what documentation you’ll need to apply for a mortgage.
Get ready for moving dayTop tips to ensure that moving day goes as smoothly as possible.
The team at Share to Buy would like to wish you all a happy start to the New Year! If you have any questions about the buying process, the different types of housing schemes available or any of the services we offer, please reach out to us on Facebook, Instagram and Twitter.