allow friends or family to help with affordability:
• Income Booster – A family member can add their income to your mortgage application, increasing the amount you can borrow.
• Deposit Booster – Family members can contribute towards your deposit in a structured way—either as a loan, a gift, or an equity investment.
This flexibility makes it easier for first-time buyers to purchase their home without relying on a traditional lump-sum gift from family.
3. GOVERNMENT SCHEMES
FOR FIRST-TIME BUYERS Beyond mortgage options, there are government-backed schemes designed to make homeownership more accessible.
LIFETIME ISA (LISA) –
SAVING WITH A GOVERNMENT BONUS A Lifetime ISA (LISA) helps first-time buyers save for a deposit with a 25% government bonus.
• You can save up to £4,000 per year. • The government adds £1,000 per year as a bonus. • The money can only be used for a first home worth up to £450,000 or for retirement.
This is one of the best ways to build a deposit quickly, especially for buyers planning their purchase in a few years.
SHARED OWNERSHIP – BUYING A SHARE OF A HOME If a full mortgage is not affordable, Shared Ownership allows buyers to purchase a portion of a property (25%-75%) while paying rent on the remaining share.
• A mortgage is required for the portion you buy. • You can increase your share over time through a process called “staircasing.”
Shared Ownership is available across the UK, but the details vary by region. A mortgage adviser can explain how it works and whether it’s a good fit for your circumstances.
FIRST HOMES SCHEME – DISCOUNTS FOR FIRST-TIME BUYERS This scheme offers new-build homes at a 30% discount (sometimes more) to eligible first-time buyers. The discount remains in place for future sales, ensuring affordable homes for local buyers.
4. NEXT STEPS – SPEAKING TO A MORTGAGE
ADVISER - WHY SPEAK TO AN ADVISER? Getting the right mortgage is about more than just finding the lowest rate. A mortgage adviser can:
• Explain all the schemes available and check which ones you qualify for. • Compare mortgage options from multiple lenders, including exclusive deals. • Help with the mortgage application to improve your chances of approval. • Make the process easier by handling paperwork and dealing with lenders on your behalf.
HOW TO GET STARTED If you or someone you know is looking to buy their first home, the best place to start is by speaking to a mortgage adviser. They can help you explore your options and take the stress out of the mortgage process.
Buying a home is a big decision, but with the right support, it could be closer than you think.
FINAL THOUGHTS Buying a home may feel challenging, but you don’t have to do it alone. There are government schemes, mortgage options, and mortgage advisers ready to help make homeownership possible.
If you know a first-time buyer, sharing this information with them could make all the difference. And if you’re ready to explore your mortgage options, speak to a mortgage adviser today to take the first step towards homeownership.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
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For further information please contact Peter Hunt on: 0121 503 0961
www.moneywatchfinance.com
Peter is one of the panel experts for the Grand Designs live TV show and has been recognised in the Times Vouched For guide to the UK’s top rated financial advisers every year since 2019
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THE MIDLANDS PROPERT Y GUIDE MONE YWATCH F INANCE
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