Even though the average first-time buyer has to put down 94 per cent of their annual income, just for the deposit, here are some tips to smooth your passage to home ownership:
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Even though the average first-time buyer has to put down 94 per cent of their annual income, just for the deposit, here are some tips to smooth your passage to home ownership:
1. Get the developers to pay your deposit...
If you can put down five per cent of the purchase price, developers such as Pentland Homes and Taylor Wimpey may put down the other five per cent.
2. Insist on fully fitted...
Many newbuild homes come complete with fully fitted kitchen, as part of the deal.
3. Earn your friends and family some cash...
Under Taylor Wimpey’s Family and Friends Advantage scheme, if you’re buying a new, two-bedroom £150,000 apartment, and your family or friends put down a 20 per cent deposit (ie £30,000), they would earn five per cent interest on that money, over a five-year period.
4. Get the government to help...
If you take one of the FirstBuy loans announced in last month’s Budget you can buy 70 per cent of your home, and the Government and the developer (it has to be a newbuild property) buy the other 30 per cent. The money they put in is an interest-free loan for the first five years, but then attracts a fee in the sixth year.
5. Take out a large mortgage...
Taylor Wimpey developments (www.taylorwimpey.com) is offering a 95 per cent mortgage (called Take 5) in four regions (East Anglia, East Midlands, London and Manchester).
6. Join the Armed Forces...
Members of the Armed Forces can get two per cent off the cost of a new Bellway home, and even larger savings on Barratt homes in Shrewsbury. Other developers with Forces-friendly policies include Bryant Homes, Ward Homes and David Wilson Homes.
Original comment can be found at the First Time Home BuyersAdvisory | 
