Considerations to make

Buying a house

Buying a New Home

If you have some money saved you may want to buy a home rather than rent. Over the last few years house prices have risen significantly and the recent financial crisis has made it harder to secure a mortgage. As a minimum you will need to have at least 10% of the price of a house as a deposit. Lenders will then want to be satisfied that you have the income to pay back any money you borrow.

As a first step you should talk to an independent financial advisor or mortgage broker who will be able to explain how much money you could borrow and the options for paying it

Buying a share of a property

Over recent years there have been a number of schemes which give you the possibility to purchase a share of a new home, usually 25 - 75% and pay rent on the remaining share to the landlord, usually a Housing Association.

This means that you will need a smaller deposit, need to borrow less and have the option to buy further shares in the property until you own it outright. (In some rural areas you may only be able to purchase a maximum of 80% of the property).


Before deciding to buy a new home you should think carefully about the responsibility this brings. Unlike a rented home you will be responsible for all the repairs and maintenance and all bills. If you part buy a home you will need to consider how much your mortgage and rent will add up to and any other charges or contribution.

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