I don’t know how I will ever be able to afford to buy in London. How do I get on the ladder?
It is not easy to afford a property in London, with property prices increasing and lenders more cautious on lending it is difficult to get that foot on the ladder. However, there are schemes available to help Londoners buy a home.
1) Shared Ownership. This is a government funded scheme that lets you buy a share (between 25% and 75%) of a property that you can afford and rent the remaining share. You can buy bigger shares at a later stage when you can afford to.
2) Help to buy scheme. The government has created this scheme to help you get onto the housing ladder or move up it.. The scheme makes it possible to buy a new-build or existing home priced up to £600,000 with as little as a 5% deposit
3) Buy with friends. It may be that you have several friends in the same situation and collectively you could buy a property as tenants in common. Up to 4 people can be tenants in common and each doesn’t have to own equal shares of the property. This can work well however it is advisable that each party seek independent legal advice and draw up a declaration of trust which establishes fine details of the agreement.
8th June 2015
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