Mon, 21 Apr 2025

Mon, 21 Apr 2025 Five ways for first-time buyers to get on the housing ladder

Mortgage experts share their tips for anyone starting out on the journey to owning their own home.

* Save up as soon as possible: The average deposit paid by a first-time buyer in the UK is £34,500.
* Consider using a Lifetime ISA, which offers 25% bonuses for those saving for their first home.
* Take advantage of government bonuses by contributing to a Lifetime ISA from age 18 and maxing out savings allowance by age 30.
* Family members can contribute to a Lifetime ISA too, but be aware that the money must only be used towards a first-time home purchase up to £450,000.
* There are now more low-deposit mortgage options available than ever before, with some lenders offering mortgages with no deposit required.
* Shared ownership schemes allow buyers to own a share of their home and pay rent on the rest, with the option to increase their share over time.
* Consider an "income boost" mortgage, which allows family members or friends to be added to the mortgage to increase borrowing power. However, this increases joint liability for repayments in case the buyer cannot afford them.
* Professional mortgages may offer more flexible lending options for certain professions, such as doctors or teachers.
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