Other ways onto the ladder

If you’re having difficulty getting onto the property ladder, here are some options you might like to consider:

Buying With Friends Or Family
Buying with friends or other members of your family is one way of getting on the property ladder sooner. It also means that you’ll be living with people you know and trust. That said, it’s still a sensible idea to get legal advice before choosing this option.

Government Home Ownership Schemes
There are a range of government-backed schemes set up to help buyers onto the housing ladder. These include:

Key Worker Living Programme – If you’re a key public sector worker, such as a nurse or teacher, you could get help buying a home through this programme.
Right to buy – This allows council house tenants to buy their property if they’re eligible.
Right to acquire – This allows eligible housing association tenants to buy their property.
Social HomeBuy – This offers eligible housing association or council tenants the chance to buy a share of the market value of their current home.
The ‘New Build HomeBuy’ scheme – This could help you buy a newly built property. You pay for a share of the cost of the property and pay rent on the remaining amount.

You can get more information on all of these schemes from the government website – www.direct.gov.uk.

Guarantors
If your lender doesn’t think you can afford a mortgage on your own, you could consider asking your parents or other close family to be ‘guarantors’. A guarantor legally agrees to be responsible for the mortgage payments if you’re unable to make them. This is usually a short-term option and, if your lender agrees, you can get a guarantor removed at a later date if your circumstances change. Guarantors should get their own independent legal advice.