EXPERTS
Getting a mortgage Q I am a first time buyer and I am keen to get on the ladder as soon as I can but I am very worried when it comes to getting a mortgage. Can you give me any pointers on how I can improve my chances? Oliver Greenford, Ealing A Getting your first mortgage can feel daunting, but the good news is that things are looking more positive for first time buyers. Affordability rules have eased, and lenders are offering a wider range of flexible and innovative mortgage products. 1. Get your finances in order Lenders want to see that you can manage money well, pay bills on time, stay within overdraft limits and
available, having 10% or more can open the door to better interest rates and lower monthly repayments. 4. Keep spending under control Mortgage lenders assess affordability carefully, looking at your regular outgoings as well as your income. High spending on subscriptions or discretionary purchases can reduce how much you’re able to borrow. Cutting back for a few months can make a real difference. 5. Get an agreement in principle (AIP)
An AIP gives you a realistic idea of how much you may be able to borrow and shows sellers you’re a serious buyer. It can help you move quickly when you find the right property. 6. Explore the full range of mortgage options
With affordability rules easing, lenders are offering longer mortgage terms, low-deposit deals and products designed specifically for first time buyers. You can start your mortgage journey online using independent tools and guides at the HomeOwners Alliance. Buying your first home is a major milestone. By preparing early, budgeting realistically and getting good advice, many first time buyers now have more options than they might expect. For independent, consumer- focused guidance on mortgages and buying
avoid missed payments. Try not to take out new credit, such as car finance or buy-now- pay-later deals, in the months leading up to your application. 2. Check your credit report Before applying, check your credit file with Experian, Equifax and TransUnion. Look out for errors, old addresses or accounts that should be marked as closed. Fixing mistakes can quickly improve how lenders view you. 3. Build the biggest deposit you can
your first home, visit the HomeOwners Alliance website at hoa.org.uk.
The more you can put down, the stronger your application will look. While 5% deposits are still
Paula Higgins
Selling a Shared Ownership home Q I’m thinking about selling my Shared Ownership home, but recent increases in rent and service charges have made me nervous. I’m worried buyers will be put off and that I’ll end up stuck paying for a home I no longer need. In today’s market, is it still realistic to sell? Miranda South, Leed s A It’s a common worry, but rising costs don’t automatically mean your home won’t sell. Buyers are more cost-aware right now, but Shared Ownership resales are still happening. Most buyers look at the total monthly cost, not just the purchase price, and expect rent and service charges to be part of the picture. It’s also worth remembering that service charges aren’t just a Shared Ownership issue, they’re a leasehold reality and a wider challenge across the UK housing market. Many buyers, particularly those looking at flats, are already familiar with this and factor it in from the start. The biggest thing you can do to keep things moving is be open and upfront. Clear, accurate information about rent, service charges, and any planned increases helps buyers feel confident. Uncertainty causes delays; clarity keeps momentum. You’ll also come across something called the nomination period – usually around four to eight weeks when your housing association has the opportunity to find a buyer for your home.
If a buyer isn’t found during this time, the property can then be marketed more widely. Once that nomination period ends, using an agent who specialises in Shared Ownership resales can make a real difference. A specialist understands the lease, the affordability checks, and the process, and can target buyers who already know how Shared Ownership works, reducing delays and fall-throughs. If a buyer passes the affordability checks, it’s a good sign the ongoing costs are workable. With realistic pricing, clear information, and the right specialist support, rising costs alone shouldn’t stop you achieving a successful sale. SOWN is a specialist in selling New and Resale Shared Ownership Properties, if you require any help, please contact us by email at: hello@sown.co.uk
Gemma Gibson
First Time Buyer April/May 2026 91
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