By Gill Bratcher

Have you longed to buy your own property and get on the housing ladder but raising a deposit is proving too much of a mountain to climb?

There are various Government backed schemes in order to assist people making this leap and it is worth checking these out before you embark on your search for your dream home.

If you are saving for your first home you can save in a Help to Buy ISA and the Government will give you a bonus of 25% on the amount saved which can be used to assist with your moving costs.  So for every £200 saved the Government will pay you £50 up to a maximum bonus of £3000.  Most High Street Banks and Building Societies will have a Help to Buy ISA account.  If you are saving you may as well save in an ISA and take advantage of the Government bonus.

The bonus will only be paid direct to your Solicitor or Conveyancer on completion of your property so it is important that you instruct a firm who are on the Government’s panel.  WBW can assist with this.

If you are a first time buyer and you intend buying a property which you are going to live in as your main residence the Government are offering stamp duty relief on purchases up to £300,000.  This could save you thousands.

There is also the option of shared ownership whereby you buy between 25% and 75% in a property from a Housing Association and the Housing Association will own the remaining share.  You will be required to pay rent on the share retained by the Housing Association but this rent will be index linked.

This could be a new build property or existing property and you have the ability to acquire more shares in the property and eventually own the property outright.

This could be an option for someone who only has one income and the level of borrowing is lower and not enough to buy on the open market.  You will also only need to raise the deposit against the share you are buying and not the full market value of the property which can be far more achievable for some.

Shared Ownership are complex transactions and you should always instruct a Solicitor or Conveyancer who has experience in this field.  WBW has experts in shared ownership conveyancing.  Please feel free to contact Gill Bratcher on 01803 407663 or gillbratcher@wbw.co.uk and she will be happy to provide you with further information and advice.

Please note that not everyone will qualify for a shared ownership property and there is a process you have to go through.  It is worth contacting your local Housing Association or Help to Buy who will be able to take you through this process.

So if you are thinking of buying a property and want to move out of your parents or rented accommodation check out the financial assistance you may qualify for.  All information can be found on the Gov.UK website.