Getting on the property ladder in 2022


The property market is currently booming and if you plan for 2022 to be your year to get settled in a home you love then you could benefit from a few tips and tricks. Buying your first home is a big step and knowing all the options out there will ensure you make the best decisions for you.

Shared Ownership

One of the ways many people are getting on the property ladder in recent years is through shared ownership. This scheme allows you to buy a share in a property. This share can be between 10% and 75% of the home and the best part about this is you only pay a deposit on this share. This can be as little as 5% of the share so you can avoid those hefty initial up front payments. You also only need to find a mortgage for that share so you can balance your finances and manage your monthly payments. You can increase the share you own overtime and sell when you like making this a great scheme in terms of flexibility and accessibility. Shared ownership is a great way to buy your first home and get a footing on the property ladder. With plenty of shared ownership homes available from shared ownership apartments in West Drayton to shared ownership houses in Medway, there’s plenty of choice and you can’t go wrong.

Help to Buy

Another great way to get on the property ladder is through help to buy. Help to Buy allows you to put down a 5% deposit and obtain a 20% equity loan from the government. This loan is great because you pay no interest on it for the first 5 years. This allows you to get a smaller mortgage and leaves you a bit more time to get your finances in check. Help to Buy is also available in London in which you can get a 40% equity loan leaving you with just 55% to get a mortgage for. Similar to shared ownership, these homes are available across the UK with apartments for sale in West London to Newcastle.

London Boroughs

If you’re looking to get on the property ladder in London but don’t want to spend thousands on a shoebox size room then London Boroughs are the way to go. With shared ownership homes in Lewisham to shared ownership apartments in Berkshire, there’s plenty of choice and with many of these areas seeing a fresh lick of paint and plenty of redevelopment, there’s a lot to love about London boroughs. Following a new scheme to create more garden cities for young professionals, these areas are bursting with opportunity and promise. Offering plenty to its residents, London boroughs are a great place to start.

Buy with a friend

If you’re struggling to make a move onto the property ladder or you just don’t quite have the cash yet then look at buying a property with a friend. Splitting the cost between two or three people could work if you’re all happy living together and have enough between you to put down a deposit and pay the mortgage. This is a good idea if you want to get a shared flat in London or you simply want to get out of renting and start saving. Buying your own piece of property will always benefit you more than renting alone so it’s well worth doing if you have some friends you know would like the sound of the idea.

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