Website of the UK government

Get help through home ownership schemes

There are a number of schemes aimed at helping first time buyers. ‘Low-cost home ownership schemes - a guide’ outlines the schemes currently available.

• Low-cost home ownership schemes - a guide

Buying a home with others

You may want to think about buying a home with other family members, friends or a partner. Buying with others can be a solution to coming up with the deposit and sharing costs. It's important to carefully think about what might happen if circumstances change and one of you wants to sell their share of the property. You should get legal advice and draw up an agreement as to how property will be divided in case of death, or if one of you decides to give up their share in the property.

• Seek legal advice from a solicitor or advice agency

Finding the right mortgage

Most mortgage lenders require a deposit of at least five to ten per cent of the value of the property you wish to buy. As the price of property increases, the deposit can become expensive. You may want to consider asking family or friends for financial help. There are many types of mortgages available and some are targeted specifically at first time buyers. Read the guide to mortgages from the link below to find out how the mortgage system works and where to get financial advice on mortgages.

• Mortgages (money, tax and benefits section)

Buying a home for the first time

High property prices have made it difficult for many people to afford to buy a home. This may be a particular challenge for you if you are a first time buyer, as you will have many one-off initial costs including:

• a deposit
  
• Stamp Duty Land Tax
  
• surveyors’ fees
  
• lenders fees and charges
  
• Land Registry fees
  
• removals/or moving in charges

If you are thinking of buying a house for the first time, make sure that you have planned for all the costs that you will face. 'Planning on buying a home' will explain the main costs that you are likely to have to pay.

• Planning for buying a home (money, tax and benefits section)
• Planning for buying a home - tips from the FSA Opens new window