There are other ways to get on the ladder

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WITH costly mortgage deposits, many potential homebuyers think they will never get on the property ladder.

But there are other avenue that can be explored.

Paul Reynolds from Mortgage Advice Bureau comments on shared ownership schemes which can help buyers get on to the property ladder.

He said: “If you want to buy a home but can’t quite afford to, a shared ownership scheme could help.

How does shared ownership work?

You buy between 25 and 75 per cent of the full value of the property and pay rent on the remaining share which is owned by a housing association. The annual rent is up to three per cent of the value of the proportion owned by the housing association.

Example of shared ownership cost:

Property purchase price: £100,000

Your share of the value: £50,000 (50 per cent)

Housing association share: £50,000 (50 per cent)

What happens if I want to buy a bigger share or all of the value of the property?

After you have bought your first share you can usually go on to buy an increased share of the value of the property until you own the whole of the property. This is called staircasing.

How do I find out more about shared ownership?

As not all lenders offer shared ownership mortgages it is important that you seek advice from an independent mortgage adviser.

They will be able to confirm whether you qualify, which lenders offer shared ownership mortgages and whether you meet their lending criteria.

You can then start looking for shared ownership properties for sale in your area.”

For more information or to discuss your options as a first- time buyer, you can telephone Paul Reynolds from Mortgage Advice Bureau on (01788) 820082 or email

Your home may be repossessed if you do not keep up repayments on your mortgage.

There will be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances.

The fee is up to one per cent but a typical fee is 0.3 per cent of the amount borrowed. (or insert fee statement).