If your dream is to move to London with all the excitement and glamour that it comes with then 2022 could be your year. Getting on the property ladder in London may sound tough but with the right tools you can do just that. Buying a home in the capital is a great investment and with plenty of ways to get on the property ladder in 2022, the process needn’t be a hassle.
Help to Buy
One way you can get yourself on the property ladder is through help to buy. Help to Buy allows you to put down a deposit of only 5%, cutting out those hefty initial payments. Help to buy also allows you to receive a 20% equity loan from the government that carries 0% interest for the first 5 years.
This means you have plenty of time to get your finances in check and settle into paying back a mortgage. And with buying a home in London, help to buy offers a 40% equity loan as well as the 5% deposit. This is a big help with the higher house prices in the capital as you will only need to get a mortgage with 55% of the total value meaning you’re more likely to be accepted. Help to buy is available on all kinds of homes from apartments for sale in West London to family homes in Essex so you can find something to suit you and your family.
Shared ownership
Another great way to get on the property ladder is through shared ownership. Shared ownership allows you to part buy part rent a home, reducing monthly costs and the deposit. Shared ownership doesn’t mean you have to share with anyone and is in fact perfect for anyone looking to buy a home on their own without having to move in with others or rent from a private landlord first. Shared ownership allows you to buy a share in a home which can be between 10% and 75%. As you only buy a share, you only have to have put down a deposit on this share which can be as little as 5% so for a 25% share in a 200,000 home you’d only be available putting down 2500. The remaining 20% that you own, you will get a mortgage for and for the remaining 75%, this belongs to a housing association and you will pay a low cost rent on this.
The monthly payments are a lot cheaper than simply renting alone and you can increase your share overtime to eventually own the entire property. Shared ownership is a very flexible way to buy a home and with shared ownership homes in Croydon and shared ownership apartments in Lewisham, there’s plenty of choice in terms of style, size and location.
London Boroughs
If you’re looking to buy a home in London, then you may want to start with the London boroughs. Housing options put up by agencies like Finlay Brewer (visit now to see some options) could have you set up with some great properties to move into. Besides, London boroughs, especially ones in West and Central London are transforming into young professional havens with plenty of variety, so, there’s something for everyone. In addition, these properties could be a great investment as there is a thriving economy in the region, with several international companies setting up shop, making them prime locations.
With shared ownership homes in Dartford you can find Ebbsfleet garden city with all its newly designed green spaces, sports facilities and small businesses. With shared ownership homes in Surrey you can get your hands on a home in a very sought after area at a very comfortable price. London boroughs offer a lot of choice and opportunity and are well worth checking out if you want your own piece of London property.
