First-time buyer London

If you’re a first-time buyer in London looking to discover your dream home but struggling with affordability, a shared ownership property could make your dream a reality. Southern Housing New Homes has new shared ownership developments in highly sought-after areas across the city, including Peckham, Bethnal Green and Southall. 

We understand that buying your first house is a serious investment, so here are some frequent questions new buyers have and answers to help guide you on your homeownership journey. 

What’s Shared Ownership?

With shared ownership, you buy a percentage share in your home. This allows you to take out a smaller mortgage on a property and pay a lower upfront deposit. You then pay reduced rent on the remaining share. 

With deposits on the open market at an all-time high, shared ownership is helping to make housing more affordable for first-time buyers across the UK. 

Can I fully own a shared ownership property?

Yes. When you’re ready, you’ll have the opportunity to buy more of your home through staircasing. Staircasing is where you incrementally increase your share in the property over time until you own it entirely.

Am I Eligible for Shared Ownership?

To be eligible for shared ownership, you must not already own a home or have sold your current home. You must have a household income of up to £90,000 in London or £80,000 in the rest of the UK.

What’s the Average Age of a First-Time Buyer in the UK?

According to Uswitch, the average age of a first-time buyer in the UK is 34. As shared ownership properties continue to make homeownership more accessible, we hope to see the average age of new buyers decrease and for more young professionals and families to build their lives in London. 

Any Tips for Buying My First House?

Seek Financial Advice

A financial advisor will provide expert advice on what you can afford and any additional costs to consider, which is especially important for first-time home buyers. 

Solicitor fees and financial assessment costs should be factored into your affordability calculations alongside a deposit.

Save a Bigger Deposit

One of the best tips for a first-time buyer is to save a larger deposit, as this opens better mortgage deals and gets you a larger starting share in your home. 

Research your Mortgage Options

Most mainstream and specialist lenders offer shared ownership mortgages at attractive rates. Take the time to independently research, as well as compare them with a financial advisor. Shared ownership mortgage terms are like a regular mortgage, with the buyer working to pay off the loan over several years.

Appoint a Solicitor 

Find the right solicitor to communicate on your behalf and perform identity checks. If the necessary checks and paperwork are ready to roll out as soon as you make an offer, this will demonstrate that you’re a serious buyer.

Reach out to the Southern Housing New Homes Team 

Purchasing your first home can feel exciting and daunting all at once. That’s why we’re here to support you through the process from start to finish. 

Explore our London properties available through shared ownership with Southern Housing New Homes today.