What the papers said about getting on to the property ladder

The Times reported this weekend on alternative ways for First-Time Buyers to get their foot in the door in a difficult market.

Shared Ownership, for example, can be a useful option for those struggling to get the deposit and finance together to buy a property outright. This scheme allows buyers to purchase between 25% and 75% of a property, and pay rent to the housing association on the remaining portion. Affordability can of course still be an issue, even when it comes to buying a portion of a property, and this is particularly the case in London, as recent research has revealed.

For First-Time Buyers with small deposits, there are now more options available than in recent years, thanks in part to the Government’s Help to Buy Mortgage Guarantee Scheme. Whilst this has now come to an end, it was successful in terms of boosting confidence at the riskier end of the market.

While there are more deals available however, securing a mortgage is not an easy task, due to stringent affordability tests introduced to prevent homeowners from over-stretching themselves. The Times again looked at ways that first-timers can improve their chances, including taking out a longer mortgage term to keep monthly payments low, or buying the property on a joint basis/sole title basis.

Elsewhere the Guardian looked at the increased number of 10 year fixes now available on the market, and considered the advantages of locking in for a longer term. This could be particularly useful for those concerned about economic uncertainty over the coming years, as we absorb Brexit, potential Referenda in other parts of Europe, and of course a new US President.