Buying your own home

This is a long-term option and is only likely to be possible if you are in permanent employment, as you will need a mortgage. If you are buying a home you will need to:

• work out how you will pay for it
• find a solicitor
• search for a property that meets your needs (within your price range)
• get your money lender to value the property you would like, to see if they will loan you the money to buy it
• get a survey on the state of the property to spot any structural or other issues
• make an offer and see if it has been accepted.

If all the above are good then you will need to finalise the sale and ask your solicitor to agree the sale with the seller’s solicitor.  Depending on the seller’s situation it is likely to be at least 2 months before you can move in.

Mortgages
A bank, building society or financial institution may lend you money to buy a property. This usually depends on your job, your salary compared to the amount you would like to borrow, your age and your financial history, to name only a few. Make sure you get financial advice from a bank, building society or independent financial advisor before going any further.

Shared Ownership
Shared ownership was introduced to help people who don’t have the money to buy a home outright. Through shared ownership you buy a share of the property and pay rent on the remaining share you do not own. Gradually you may buy further shares and eventually own your home outright. Not all homes are available on shared ownership, so you should check with individual builders and schemes to see if this option is available. You pay a mortgage on an agreed percentage of the purchase price of the property and then pay rent for the rest to the organisation who manages the property.

People who choose this scheme are usually first-time buyers. You must be able to obtain your own mortgage to meet the purchase costs on a percentage of the property.
Further information

Buying a Council Property

The “Right to Buy” scheme operates in England and Wales. It enables council tenants to buy their council homes at a discount depending on the number of years they have lived in it.
More information

More useful links:

Connexions – some useful websites to help buy your own place.

Direct.gov.uk - Some practical points to help you plan and prepare for the process of buying a home.

Shelter – information on the options and issues you need to consider.