Posted: 28 Mar 2018
#New Home #First Time Buyer
Buying your first home with a small deposit
When purchasing a home on the open market, in order to secure the purchase, buyers are required to organise a deposit for the entire property. Due to rising house prices, raising the money for a deposit can be lengthy and expensive, particularly in London and the South East where property prices are high.
However, there is a way to own part of a home without saving for a long time for a substantial deposit. Shared Ownership, which allows buyers to own a share of a property, typically requires a much smaller deposit than buying a home on the open market.
This is because Shared Ownership buyers only need to raise a deposit for their share of the property, not for the entire home. Shared Ownership buyers typically start off buying a 25% share of a property. Therefore, a deposit for only the 25% share is required.
We’re keen to help first time buyers step on to the property ladder. It’s for this reason that our expert team are on hand to assist with any deposit or general financial advice. Should you have any queries or questions, please do not hesitate to contact our friendly sales team.
Are you looking for a stylish and modern home in London or the South East?
Southern Home Ownership is dedicated to providing stylish, high quality and contemporary new homes for sale on a Shared Ownership basis.
If you're a first-time buyer and interested in buying a Shared Ownership property in London or the South East, then click on this link to take a look at our latest developments.