Being a homeowner
Buying your own home
Buying a property is very exciting! You will need to make sure you have thought about
- your budget and deposit
- what size house you need
- where you’d like to live
- facilities you’d like nearby
- any essentials you need within your home
If you don’t think you can afford to buy a home which is on the market there are ways to get on the property ladder.
- Help to Buy ISA
- Shared ownership
- Rent to buy
- Armed forces home ownership scheme
- Help to buy equity loan
- Mortgage guarantee
Problems paying your mortgage?
If you’re at risk of losing your home because of repossession, you should get advice straight away! Even if you’re under pressure to leave, it’s important that you don’t until you have spoken to someone and understand what rights you may have as a homeowner.
You can get advice from the Citizen Advice Bureau .
Breathing space
It aims to help those in mortgage difficulties by offering interest free loans of up to £15,000. These loans must be repaid in full at the end of a three year period and should only be considered if difficulties in meeting mortgage repayments are likely to be short term.
To qualify for this scheme:
- repayments for the loan and mortgage must be sustainable
- mortgage arrears must be due to a change of circumstances, e.g. redundancy.
- maximum value of borrowing (including the loan) cannot exceed 90% of the value of the property.