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WELCOME
WELCOME TO NATIONAL HOME BUYING WEEK 2026
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WELCOME FROM OUR HEADLINE PARTNER LONDON IS OUR HOME, WE WANT IT TO BE YOURS TOO
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SHARED OWNERSHIP EXPLAINED Shared ownership is the most affordable way to take a first step on to the housing ladder. Kay Hill looks at how the scheme works SHARED OWNERSHIP EXPLAINED
Government figures reveal that in 2024- 25, 20,353 Shared Ownership homes were completed – five times the number delivered in 2015-16. Three quarters of sales (76%) were to first time buyers. WHAT IS THE SCHEME? Shared Ownership helps lower income individuals and families take a step on
to the housing ladder by buying a share of the leasehold of a house or apartment from an accommodation provider such as a housing association and paying a controlled rent on the other portion. The amount they are able to buy varies according to their household income, the home and the provider, but starts from as little as 10% of the full market value of the property in the latest schemes. Over time, buyers can
Shared Ownership is a Government- backed scheme that helps first time buyers take a first step on the housing ladder as well as supporting others who cannot afford to move to a suitable home. Established over 40 years ago, an estimated 260,000 households already live in Shared Ownership homes, and the scheme is providing a lifeline for buyers who feel priced out of the open market by rising interest rates and soaring prices.
purchase additional shares in the property, in a process known as “staircasing”, which means they can ultimately own the whole home and no longer pay rent. WHAT IS THE ADVANTAGE? The biggest barrier to homeownership for many households is saving
up the deposit. According to the Halifax House Price Index, the average house price in December 2025 was £297,755 which for a family buying on the open market with a 90% mortgage would mean a £29,776 deposit. Buying 25% of the same house using Shared Ownership, however, would require a minimum 5% deposit of just £3,722, putting it within reach of far more potential buyers. For buyers in London, the difficulty of saving a deposit is even more acute, with the average £539,086 home requiring £53,909 for a 10% deposit, while a 25% Shared Ownership share could be accessed with a deposit of £6,739. Many buyers also struggle to borrow enough money from mortgage providers to buy on the open market – with Shared Ownership you only need a mortgage for up to 95% of the share you are buying, reducing the income that is required. HOW IS IT DIFFERENT TO RENTING? With Shared Ownership, as well as paying a mortgage, you also pay rent on the
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SHARED OWNERSHIP EXPLAINED
percentage of the property that you haven’t bought, as well as a service charge; but there are significant differences to just renting. • You have complete security; as long as you pay your mortgage, rent and service charge, the only time you will have to move is when you choose to – not when a landlord decides to sell. • You have a stake in the value of your home, which may increase in worth over time (although this is not guaranteed). • The rental part of the payment is controlled, so rises are predictable, rather than at the whim of a landlord. The vast majority of Shared Ownership leases started since October 2023 are only permitted to have a rent increase once a year, which can be no more than the Consumer Prices Index (CPI) plus 1%. Housing providers are free to charge less than this, and rents cannot be increased at all if CPI is minus 1% or lower. Some affordable housing that was already in development at this time may be subject to an older-style lease agreement, so do check carefully. • Unlike renting, in most cases as a shared owner you are responsible for repairs and maintenance to your home, either through paying yourself (such as replacing a leaking tap) or paying service charges (for maintaining communal areas). However, the latest Shared Ownership model lease introduced an “initial repair period” which means that the housing provider is responsible for essential repairs to the outside of the building and walls, floors, ceiling and stairs inside your home for the first 10 years. During this period, you can also claim back up to £500 a year for repairing or replacing faulty boilers, radiators, sinks, baths or pipes, but you must have your boiler serviced every year. • There are fewer restrictions. If you rent from a private landlord you may not even be allowed to put up a picture hook, but with Shared Ownership the home is yours to decorate as you please – so you can paint, wallpaper, put up shelves, add fitted wardrobes etc. However, you will need permission for structural changes such as a conservatory, extension or loft conversion, and there may be restrictions on hard flooring if you live in an apartment. Replacing a kitchen or
bathroom may need permission from some housing associations. • Many housing associations allow pets, but you will usually need permission. WHO CAN USE THE SCHEME? Households must have a combined income of not more than £80,000 or £90,000 in London to use the scheme. Shared owners can be first time buyers, people who have sold a previous home and are unable to buy on the open market (perhaps because of a relationship breakdown or divorce), or those who are selling and cannot afford the kind of home they need (to accommodate a larger family for example) on the open market. Buyers need to be over 18, with no rent arrears or bad debts, and must be able to afford the legal and other costs involved in buying a home, and the ongoing costs of mortgage, rent and service charge. It helps to have a good credit history, but some providers are more accepting than others of poor credit as long as you are still able to get a mortgage for your share. WHAT TYPE OF HOMES ARE AVAILABLE? Shared Ownership is available right across England on purpose-built new homes, and on secondhand homes known as “resales”. Property types tend to reflect the surrounding area – in Greater London, apartments outnumber houses 120 to 1, but in central and northern England the position is very different with more than four out of five properties being houses. The most recent Government figures reveal that across the country, 65% of Shared Ownership sales were houses, 33% were apartments and 2% were bungalows. All Shared Ownership properties are sold as leasehold, although houses (but not flats) can usually be converted to freehold if you eventually own them outright. WHAT’S THE BUYING PROCESS LIKE? You can find Shared Ownership homes via Homes for Londoners, Sharetobuy.com, direct from housing associations’ websites and on property websites.You may need
to fill in a registration form to check your eligibility. When you find a home you like the look of, contact the provider and arrange a viewing. If you want to go ahead, the provider will ask for a reservation fee of up to £500 to hold the property for you while you have a full financial assessment, which will look at your income, savings and outgoings and will set the percentage of the home that you are able to buy.You will need to provide proof of your identity and detailed financial information at this stage, so make sure you have everything ready. If all goes well at the assessment you can then arrange a mortgage and instruct a solicitor to handle the conveyancing.
EVOLVING SHARED OWNERSHIP
The Government has made changes to Shared Ownership which are designed to widen access to the scheme, but as the old scheme is being phased out gradually until the end of 2026, you will need to check whether a home you are considering falls under the old scheme or the new one.These changes include: • With the new scheme, buyers can purchase as little as 10% of a property, instead of the previous minimum of 25% (although you must buy the largest amount that the financial assessment says your income can sustain). • The standard lease length on the new scheme is 990 years, up from 125 years . • Buyers can increase their share in 1% increments for the first 15 years without a new valuation (rather than the previous 10% minimum staircasing and requirement for a survey). • Providers must contribute towards some essential repairs and maintenance for the first 10 years.
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THERE’S NOTHING LIKE NEW Kay Hill looks at the top 10 reasons to choose a brand new property for your first home BUYING NEW
improvements, such as flooring insulation or cladding can be very disruptive, so it’s good to know that when you move into a new build it will meet the very latest standards and bills will be much lower. PEACE OF MIND New builds come with a 10-year warranty, which will protect you from any major structural defects. The first two years are normally covered by the developer, which will respond to complaints about snagging. After that, an insurance-backed warranty covers a wide variety or problems that might occur if the builder failed to follow the correct technical standards.Various parts of the building are covered, such as roofs, flues and chimneys; external walls; stairs; windows, doors and foundations,
cabinet colour and other variables, especially if you are buying off-plan.You might also have the opportunity to upgrade
There’s a lot to think about when you are becoming a homeowner for the very first time – but at least when you buy a brand new home, working out how to combat rising damp or get rid of rodents doesn’t have to be on your worry list! If you want to make the transition to being a homeowner as smooth and simple as possible, then a new build home has many advantages. WARM AND ECONOMICAL It easy to be seduced by the thought of a thatched cottage with roses round the door or a Georgian townhouse, but the reality is that the older the home you buy, the more likely it is to be cold, draughty and miserable in the winter – and your first electricity or gas bill could bring with it a very nasty surprise. New homes are proven to be considerably cheaper to run thanks to improvements in Building Regulations over the years – homes sold today will have better insulation, more thermally efficient doors and windows and more efficient appliances than similar properties built even a couple of decades ago.You can get a good idea of how energy efficient a home will be by looking at the energy performance certificate (EPC) that every home that goes on sale (with a few exceptions such as historic buildings) must have. The EPC rates properties from A (the best) to G (the worst). In 2025, 87% of new build properties were given an EPC rating of an A or a B, compared with just 17.6% of existing homes. In fact, 70.7% of older homes that were assessed received a rating of C or D, 9.8% scored an E and the rest an F or G.¹ This translates directly into how expensive the home will be to run. According to the latest Watt a Save report from the Home Builders Federation², released in February 2026, those who live in brand new homes can expect to save £618 a year on their energy bills for heating, hot water and lighting, paying around £1,574 a year instead of the £2,192 average paid by those in older properties, alongside reducing their carbon emissions by 74%. Upgrading an older home with energy- saving measures like cavity wall insulation, double glazing and loft insulation can work out very expensive, and more serious
from the standard finishes. SQUEAKY CLEAN
One of the best things about buying a new build is the fact that everything is indeed new, so you won’t have to scrape someone else’s pizza crumbs out of the oven, scrub grime from the
bathtub or extract pet hair from the carpet. Instead, you will move in to a fresh, blank canvas, with clean
tiling, paintwork, kitchens and bathrooms. There will be no rush to decorate, you can simply move in, unpack and take your time as everything will look perfect just as it is. EXTRAS INCLUDED
giving you additional peace of mind. NOT IN THE CHAIN GANG
When you buy a secondhand property you are likely to be trying to move in on the same day as the owner moves out (and into their new home, currently occupied by someone else who needs to move out and into a new home – and so on). This is called a chain, and it can be one of the most stressful aspects of moving house.You might have all your finances ready and your boxes packed, but all it takes is for the solicitor of the third house along to find a problem, or someone’s mortgage to fall through, and everyone grinds to a halt. With a new build home, the only people involved are you and the developer, so there’s no chain to worry about. Sometimes new builds might be delayed a little, because of bad weather, for example, but you should know in plenty of time when your moving date will be. CHOICES, CHOICES Depending on the developer, and at what stage of construction you put down a deposit, you are quite likely to be able to customise your new home. So, no avocado bathroom suite – unless, of course, you really want one! With a new build you are often able to
It depends on the developer, but in many cases you will find a
choose a colour scheme, flooring, kitchen colour or style, bathroom
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BUYING NEW
whole host of extras are included with your new home. Few developers these days hand you a property with splintery floorboards and bare concrete; instead, you are likely to find carpets, tiles and hard flooring provided to make you comfortable from day one. It’s standard to find an oven, hob and extractor, and you could find that your home comes with dishwasher, washing machine, tumble dryer, fridge and freezer as well, saving you all the expense of having to buy these when you first move in. SECURITY AS A PRIORITY New homes also come with higher levels of security. Windows will have locks, and doors will all have up-to-date locking systems that meet the latest requirements from insurance companies, often bringing down the cost of your contents insurance. In apartment buildings you might even find CCTV, a security-conscious concierge or even a sophisticated keyless entry system. SAFE AS HOUSES If you buy a secondhand home, especially an older one, you need to get an electrician to check that your wiring is safe, otherwise you could be at risk from faults and even fires. With a brand new home, you not only have the latest quality in wiring, but also
fire-resistant materials and smoke alarms to keep you and your family safe, as well as circuit breakers to protect you while you are cutting the grass. MODERN LIVING Older homes reflect the way of life that was prominent at the time – for example, in a Victorian home you might have a series of small, dark rooms, including the “front parlour” that was only used for guests, the “morning room” that was more like a family room, and a dining room used for only an hour or so a day. Each room tended to have only one purpose, so families were separated by geography. Most new build homes have egalitarian, family friendly open-plan layouts with break-out areas, so multiple tasks from cooking to homework can take place in a sociable space, facilitating conversation
and creativity. Developers are also aware of the importance of having a home working space, so you are bound to find somewhere to put a desk. Some new builds also have shared spaces and services such as a gym or concierge, cinema room, bookable working areas or meeting spaces so even the smallest apartment can have great facilities (although there will be management charges to cover these extras). BOOST YOUR BUYING POWER Finally, some Government schemes are only available on new builds, including First Homes, Rent to Buy, Discounted Sales and Shared Ownership (although Shared Ownership resales are available). ¹ ons.gov.uk/peoplepopulationandcommunity/ housing/datasets/individualenergy performancecertificateepcbandsenglandandwales ² hbf.co. uk/research-insight/wattasave/
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AFFORDABLE HOMES
YOUR FIRST HOME IS CLOSER THAN YOU THINK: A BUYER’S GUIDE TO SHARED OWNERSHIP Own 10%, Live 100%: A Renter’s Guide to Shared Ownership in London
Laney House
Saving for a home in London while renting can feel impossible.You’re working hard, but every month your income disappears on rent, while that deposit keeps getting further away as house prices climb. But here’s something you might not know – you don’t need a massive deposit to buy your first home in London.With NHG Homes offering shares starting from just 10%, homeownership might be closer than you think. WHAT ACTUALLY IS SHARED OWNERSHIP? Think of Shared Ownership as a stepping stone on to the property ladder – one that gets you there now, rather than years down the line. Instead of buying 100% of a property, you buy a share starting from just 10%.You pay a mortgage on your share, below-market rent on the rest, and the usual service charges. Here’s where it gets interesting: your deposit is only calculated on the share you’re buying, not the full property price. If you’re buying a 10% share of a £400,000 property, your deposit is based on a £40,000 mortgage, not £400,000. In real terms, that could mean needing just £4,000 for a 10% deposit, just 1% of the overall property value. Compare that to the £40,000 deposit you’d need buying outright. SAVE THOUSANDS EVERY YEAR At Laney House in Greenwich, NHG Homes’ Shared Ownership apartments have monthly costs starting from around £1,266 when purchasing the minimum 10% share with less than £2,000 deposit. This covers your mortgage, rent, and service charges combined. The average rent for a one bedroom in the same area? Around £1,600.
Laney House
Laney House
That’s nearly £4,000 back in your pocket annually, money you could use to increase your share through “staircasing” or simply enjoy greater financial breathing room. At The View at Aspect in Croydon, total monthly costs start from £1,177 when purchasing a 25% share with less than £5,000 deposit, compared to around £1,400 for private renting nearby, a saving of close to £2,700 yearly. The rent you pay on the share you don’t
own is subsidised by up to 35% compared to market rent, with rental increases capped according to your lease, protecting you from unexpected hikes and giving you the security of a long-term lease. IS THIS RIGHT FOR YOU? Shared Ownership could suit you if you’re earning a steady income but haven’t saved a traditional deposit or don’t yet have enough
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AFFORDABLE HOMES
Royal Albert Wharf
to buy on the open market.The 10% share option brings deposits down to achievable amounts you could realistically save in a year or two, rather than waiting a decade. As a shared owner, you typically don’t pay Stamp Duty until you own more than 80% of your home. Most Shared Ownership purchases remain free of Stamp Duty, while comparable open market properties now incur larger costs since Stamp Duty thresholds were lowered in April 2025.
Lampton Parkside
HOW NHG HOMES CAN SUPPORT YOU
At NHG Homes, we’ve developed resources to help you make informed decisions: cost calculators for realistic monthly projections, connections to independent financial advisers, dedicated customer service, and comprehensive repairs support on certain leases. READY TO EXPLORE? NHG Homes is an award-winning Shared Ownership brand with more than 40 years of expertise building affordable homes in London. If you’re looking for inspiration to start your search, you’ll be entered into a prize draw to win a £250 voucher* for every NHG Homes development you visit in March – one entry for every development you view! See where your budget could take you at nhghomes.com/compare-the-costs. *Terms and conditions apply.
The View at Aspect
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SHARED OWNERSHIP PUTS FIRST HOMES WITHIN REACH This National Home Buying Week, your first home could be closer than you think with Shared Ownership. Esaiyas Mollallegn, Head of Marketing and Sales Operations at SO Resi by Metropolitan Thames Valley, explains AFFORDABLE HOMES
with a share and building up ownership over time. At SO Resi, we’re delivering a number of Shared Ownership homes across London, including Zone 3 and 4 hotspots SO Resi Wembley Park, SO Resi Westgrove, and SO Resi Hendon Waterside.To the south of the river, we are creating new homes in desirable Zone 2 postcodes at SO Resi Clapham Park, SO Resi Peckham and SO Resi Oval Village, next to the iconic The Kia Oval cricket ground.
With SO Resi, you can buy with as little as a 5% deposit, and it’s based only on the share you’re purchasing, not the full property value. For example, on a £300,000 home, buying a 25% share (£75,000) could mean a 5% deposit of just £3,750. Buying outright could require a deposit closer to £30,000. Over time, you can buy more shares and increase your ownership until you own the home outright.You can even add an extra 1% share each year with no additional fees, making homeownership more flexible and achievable than ever. In London, we have a number of Shared Ownership options in some of London’s most up-and-coming postcodes. To find out more about Shared Ownership, visit us online via sharedownership.co.uk 1 theguardian.com/money/2025/dec/31/uk-house- prices-first-time-buyers-2026-sales-interest-rate- cuts-rent-rises 2 standard.co.uk/homesandproperty/property- news/london-first-time-buyers-home- deposit-b1267208.html
So far, 2026 is shaping up to be a positive year for first time buyers, and as we look to the year ahead, homeownership feels more within reach than ever before. Thanks to a combination of falling mortgage rates, earnings growth running ahead of inflation and house prices rising slowly, monthly mortgage costs for first time buyers as a share of income are at their lowest level since 2022.¹ The evidence right now suggests that first time buyers will be the driving force behind the housing market this year. However, for many looking to get their foot on the housing ladder, cost may still be a major hurdle to overcome, especially in London. Recent figures from Nationwide Building Society reveal that a first time buyer in London typically needs to raise around three times the amount of cash as someone in Scotland or some parts of northern England,
SO, WHAT EXACTLY IS SHARED OWNERSHIP?
Shared Ownership is a great way to get your foot on the property ladder. It allows you to buy a share of a new home – typically between 10% and 75% – while paying below- market rent on the rest. The process is simple and well supported, usually through a housing association or specialist provider. Better still, most major banks now offer Shared Ownership mortgages, with around 30 lenders providing dedicated products.
in order to put down a 10% deposit.² That’s a lot of time spent saving,
especially when you’re young and want to be living life to the full. Step forward Shared Ownership, a tried and trusted solution to homeownership, enabling buyers to start
SO RESI WEMBLEY SO Resi has created new Shared Ownership
SO RESI OVAL VILLAGE SO Resi by Metropolitan Thames Valley has launched 46 apartments located just a stone’s throw from the iconic Oval Cricket Ground in Lambeth. SO Resi Oval Village, part of the wider Oval Village regeneration
homes across two developments in Wembley, SO Resi Wembley Park and SO Resi Wembley Way. Located in one of London’s hottest locations for first time buyers, Wembley has been transformed into a shopping, cultural and entertainment destination, thanks to the stadium, OVO Arena and Boxpark. Example prices for SO Resi Wembley Park start from £97,500 for a one bedroom apartment based on a 25% share (full market value £390,000) with a 5% deposit from £4,875.
by Berkeley, offers studio, one and two bedroom apartments, all available through the Shared Ownership scheme.
Prices at SO Resi Oval Village start from £47,000 for a 10% share of a studio apartment (full market value £470,000), available with a 5% deposit of £2,350.
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NEW BUILD
HOW TO MAKE YOUR MOVE CHEAPER, FASTER AND EASIER First time buyers now drive nearly 40% of all UK property sales. From financial perks to bypassing the stress of property chains, here’s how a new build home – and the right search tools from Zoopla – can help you get moving with less cost and zero guesswork
cost of structural repairs. Plus, the builder is typically responsible for fixing defects for the first two years, saving you from the hidden costs often associated with moving home. FASTER Smarter filters Time is money, and you can save both by using Zoopla’s smart search filters. Beyond just price, location and size, you can filter for homes with gardens and garages, en suites and utility rooms, or even bathtubs and kitchen islands. Filter out the noise and find a home you love first time.
around your budget. Zoopla’s affordability tool removes any doubt by analysing your deposit, income and spending, then matching you with homes you can actually afford. It even factors in your eligibility for buying schemes, providing a personalised green light for your property search.
First time buyers are on the move. They’ve become the biggest buyer group in the UK property market. Improvements to mortgage affordability are allowing more people to step on to the ladder, and monthly mortgage costs are often cheaper than rents across much of the country. Many first timers are choosing new build homes because there’s a wide range of benefits that make your move cheaper, faster and easier – especially when you search with Zoopla. New build buying schemes can make getting your keys a lot more affordable. Own New Rate Reducer gives you exclusive access to low mortgage rates, while New Build Boost means you only need to save a 5% deposit. And these are just two of the options. Use the schemes filter when searching on Zoopla to put cost savings front and centre. Developer incentives Many new build developers offer exclusive incentives. This could be thousands of pounds in cashback, a contribution to your Stamp Duty costs, or even paying your legal and survey fees. There may also be the CHEAPER Buying schemes chance to get high-spec upgrades at a lower cost, such as integrated appliances or luxury floor coverings. 10-year warranties Most new builds come with a 10-year structural warranty as standard. This acts as a long-term insurance policy, covering the
All the top homebuilders in one place With all the top developers on Zoopla, you have one place for everything to do with your home search. And when you’re ready, we’ll set you up with a show home viewing, where you can see a whole range of homes that might suit you. So forget juggling viewings and dealing with dozens of very different properties – it’s easier to discover a housebuilder you love on Zoopla. zoopla.co.uk
The chain-free advantage Chain-free homes like new builds can shave months off the moving timeline.You don’t have any dependencies on other people buying or selling, which allows for a more predictable completion date and a smoother transition from your current home. Use the chain-free filter on Zoopla to help speed things along. EASIER Know your affordability from the off One of the most difficult parts about buying your first home is the guesswork
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CREDIT SCORES
YOUR MORTGAGE QUEST WHY YOUR CREDIT SCORE MATTERS Buying your first home is a major milestone. It’s exciting and daunting at the same time. While you’re saving for a deposit, browsing listings and working out what you can afford, your credit score might not be the first thing on your mind. Jacqui Hamilton, Consumer Affairs Executive at Experian, explains how your credit score works and why it is so important
SIX TO 12 MONTHS BEFORE APPLYING BUILD STRONG FINANCIAL HABITS
By following some simple habits, you’ll be able to write a happy ending to your homebuying story. Getting your credit ready sets the foundations for the next chapter, where you get the keys to a home that’s finally yours. WHAT LENDERS LOOK FOR AND WHY IT MATTERS When you apply for a mortgage, lenders want to understand how you’ve handled money in the past and how you’re managing things now.Your credit report gives them this snapshot. It includes: • Your credit accounts (such as loans, credit cards and mobile phone contracts) • Your payment history over the past six years
If your mortgage plans are still around six to 12 months away, this is your moment to shape a strong credit profile. Small steps add up, and each one helps move you closer to that dream of becoming a homeowner. 1 Make sure you’re registered to vote Being on the electoral roll helps lenders confirm your identity and can give your score an instant lift. 2 Streamline your old accounts If you have old or unused credit cards or store accounts, consider closing the ones you don’t need, especially if they have fees attached. Just take care with accounts you’ve held for
• Any court judgments or insolvencies • Whether you’re on the electoral roll • Any recent applications for credit.
Your Experian Credit Score summarises all the information on your credit report, giving you a good idea of how lenders will assess you. Generally, the higher your score the better. This puts you in a stronger position to get accepted for the best mortgage deals – meaning lower interest rates and monthly payments. However, when you apply for your mortgage, they don’t only look at your credit report. They normally look at three things to assess your overall “creditworthiness”: • Your credit report • Your affordability (eg income, expenses, childcare costs) • Their own records (if you bank with them already). They’ll use all this information to not only decide if they accept your application, but also the interest rate and the amount they’ll lend. YOUR HOMEBUYING JOURNEY STARTS WITH YOUR CREDIT REPORT One of the best things you can do on your homebuying journey is to check your credit report early, ideally around a year before you apply for a mortgage. This is your chance to understand what lenders will see and to fix anything that might hold you back. Building a great credit score can take time, so starting early puts you in the strongest position. To do that, we’ve laid out a one-year plan to get you on the right track to a great mortgage deal.
years, as they help show long-term stability. 3 Reduce debts where possible Try to keep your credit card balances below 30% of your limit. Lower balances help your score and show lenders that you are managing your money with control.
30%
4 Add context if you have been through difficult times If you’ve had financial challenges because of life events such as illness, job loss or bereavement you can add a short statement called a Notice of
Correction to explain the circumstances. 5 Remove financial links that no longer apply If your credit file still connects you to an ex- partner or someone you no longer share finances with, you can request a financial dissociation. 6 Build a credit history if you need to
If you have very little credit history, it can be harder for lenders to assess you. A small, well managed credit-builder card that is paid off in full each month can help you show consistent, responsible behaviour.
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CREDIT SCORES
7 Stay consistent with payments One of the best things for your credit score is to make all your monthly payments on time. Make sure you’ve set up direct debits, even if it’s just for the
YOUR FIRST TIME BUYER CHECKLIST BUILDING THE STORY OF YOUR FUTURE HOME Think of this timeline as a supportive guide to becoming mortgage ready. It’s not about perfection or overhauling your finances; it’s about small, steady steps that help you shape the future you want. Follow the checklist below and you’ll be well on your way to unlocking the door to your very first home, ready to begin the next chapter of your story with confidence. Six Months Before Applying Register to vote at your current address Check your Experian credit report and score Dispute errors and update old addresses Reduce balances and aim for below 30% utilisation Consider a Notice of Correction if relevant Remove outdated financial links (financial dissociation) Three Months Before Applying Avoid new credit applications where possible Pay every bill on time – set up direct debits Keep reducing any existing debts Use soft search eligibility tools to explore mortgage options
minimum amount.
Every step here is a chance to strengthen your financial foundations and move closer to the moment you get to turn the key in your own front door. THREE MONTHS BEFORE APPLYING KEEP THINGS STEADY As your application gets closer, it’s time to focus on stability and avoid anything that might disrupt your score. 1 Avoid applying for new credit New applications can temporarily lower your score, so it’s best to hit pause unless it’s necessary. 2 Double-check all payments are covered Even one missed payment can have an impact, so setting up direct debits or reminders can help keep everything on track.
3 Keep reducing balances where you can Even small payments help. Reducing what you owe supports your score and shows lenders you’re in control.
4 Use soft-search tools for research Soft searches let you explore what kind of mortgage deals you might be eligible for without leaving a mark on your credit report. Use quotations or comparison services such as Experian. 5 Be mindful of spending
Your affordability will be checked when you apply. A few months of calm, predictable spending can really support your application.
APPLICATION WEEK THE FINAL CHECKS Now is the time for final checks to make sure everything is correct, and organised. Lenders will compare the information on your application with your documents and credit report, so:
• Check addresses match on all your accounts and electoral roll • Keep job titles, dates and income details consistent on any applications or quotations • Have your P60, three months of bank statements and your latest credit report ready. experian.co.uk
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CONVEYANCING FOR FIRST TIME BUYERS Buying your first home is exciting, but it can also feel overwhelming – especially when legal terms like “conveyancing” start appearing in the process. If you’re considering Shared Ownership, that comes with its own nuances, so having a general understanding of conveyancing is important. Here’s what it means and why it matters CONVEYANCING
WHAT IS CONVEYANCING? Conveyancing is the legal process of transferring property ownership from the seller to the buyer. In the UK, this involves several key steps to ensure the transaction is valid, your rights are protected, and any risks are identified before you commit. A qualified solicitor, licensed conveyancer or legal executive generally with admin support will handle this process on your behalf. Their role includes: • Checking the property title documents and plans • Conducting searches with local authorities to uncover any issues such as planning restrictions, flood risks or disputes • Reviewing the contract, lease and negotiating terms • Managing funds – including sourcing your deposit and obtaining mortgage money. • Registering ownership with HM Land Registry once the purchase completes. WHY IS CONVEYANCING SO IMPORTANT? Property transactions involve significant sums and legal obligations. Without proper conveyancing, you could face unexpected costs, legal disputes, or even lose your home. Your conveyancer ensures everything is compliant and that you understand what you’re buying.
TIPS FOR FIRST TIME BUYERS Choose an experienced and specialist conveyancer, especially one familiar with new build or Shared Ownership schemes where relevant. Make sure you budget for fees. Conveyancing costs typically range from £800 to £1,500, plus disbursements! Remember to ask questions. Make sure you understand lease terms, rent obligations and any restrictions. Conveyancing is the backbone of a secure property purchase. For buyers, it ensures you know exactly what you are committing to – protecting your investment and giving you peace of mind as you step on to the property ladder. Shared Direction Conveyancing is the only law firm in the UK dedicated solely to acting for purchasers of new build and Shared Ownership properties. If you are buying a new build or Shared Ownership property, Shared Direction Conveyancing is your ideal choice of law firm to share your journey into homeownership, as we have the experience and expertise to guide you through the process as quickly and simply as possible. For further information visit sdc-legal.co.uk or for an instant quotation call 0808 273 0273
upfront costs, it can add complexity to conveyancing because: • Leasehold structure: Most Shared Ownership homes are leasehold, meaning you own the property for a fixed term (often 125+ years) rather than outright. • Housing association involvement: The association must approve the reservation based on affordability and may impose conditions, such as restrictions on subletting or resale. • Additional costs: There may be future fees for staircasing, rent reviews, and service charges. Your solicitor will confirm these obligations before you sign. THE PROCESS IN BRIEF Instruction: You appoint a conveyancer and provide details of your mortgage and your deposit. Legal Checks: Your conveyancer reviews the contract and lease, conducts searches, and raises enquiries with the housing association’s solicitors. Exchange of Contracts: Once all the checks are complete and your mortgage offer is approved, contracts are exchanged. At this point, the agreement becomes legally binding. Completion: Funds are transferred, and you officially become the owner of your share. Your conveyancer registers your interest with HM Land Registry.
CONVEYANCING AND SHARED OWNERSHIP
Shared Ownership is a tenure designed to make homeownership more affordable. You buy a share (usually 25% to 75%, although in the latest form of lease shares can start from as little as 10%) of a property and pay rent on the remaining share to a housing association. Later, you can increase your share through a process called staircasing. While Shared Ownership aims to reduce
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MORTGAGES
5% DOWN, 5% BACK
JUST £5,000 TO GET STARTED
• New build properties • Gifted deposit from family accepted • Builder cashback on completion
• First time buyer • £5,000 deposit • Settled status in the UK / ILR • Low debt to income ratio
Buying a new build? Put down just 5% and get 5% back when you complete, zero deposit in disguise! This lender allows the deposit to be gifted, so family can help you get started and the cashback can be used to pay them back straight away.
Got some savings put aside? That could be all you need to take your first step on to the property ladder. With this option, buyers can purchase a home with a £5,000 deposit, making homeownership feel more realistic and within reach for many first time buyers.
GETTING ON THE PROPERTY LADDER JUST GOT EASIER Been told you need a big deposit to buy? You don’t! You just need a good broker who understands the market and the products available
*All products are subject to eligibility criteria and lender approval. Speak to a mortgage broker to check what you may be eligible for
0% DEPOSIT MORTGAGE
• Been renting for 12 months • Clean credit history • Settled status in the UK / ILR • Not owned a property in three years • 21 or over
FIRST STEP 2% DEPOSIT
Struggling to save a large deposit? The First Step mortgage helps first time buyers purchase with just a small amount of their own savings. With borrowing of up to 98% of the property value, it’s a faster route on to the property ladder without years of saving.
Created for first time buyers with at least 12 months of on-time rent payments, this mortgage allows renters to buy a home without a traditional deposit.Your borrowing amount is based on your monthly rental payments, helping turn rent into a pathway to homeownership.
• 98% LTV | 2% Deposit / £5,000 • One applicant is a first time buyer • Deposit from own savings
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MORTGAGES
WHAT ARE YOU WAITING FOR?
WHY A BROKER MAKES ALL THE DIFFERENCE With so many products, changing rates and different lending rules, having the right broker matters more than ever. We don’t try to squeeze you into a lender’s box – we find a lender that fits you and your situation. A good broker knows where the flexibility is, which lenders are saying yes, and how to match you with a deal that actually works. It’s not about ticking boxes, it’s about opening doors. RATES ARE DOWN Mortgage rates are the lowest they’ve been in years and that changes everything! Lower rates mean borrowing costs less, monthly payments feel lighter, and buying a home suddenly looks far more achievable than it did not long ago. For many buyers, this shift has brought homeownership back into play. LENDERS ARE PUSHING THE DOOR OPEN Lenders are actively finding ways to say yes. First time buyers can now borrow up to six times their income, access low-deposit mortgages, take advantage of 0% deposit options, or use gifted deposits from family. The result? More options, more flexibility, and realistic routes on to the property ladder – helping buyers get moving sooner than they might have thought possible. By getting the correct foundation you will get a home that won’t fall down!
Visit our mortgage hub to view our social media, book an appointment or submit an enquiry via our website! mortgagelight.co.uk
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GETTING YOUR HEAD AND MONEY READY CHECKLISTS UNDERSTAND YOUR FINANCES Check your credit score (for example at Experian) Create a personal budget Make sure you’re on the electoral roll Review your income and monthly outgoings Identify any outstanding debts (loans, credit cards, overdrafts) and start reducing debts where possible START SAVING
Save for a deposit (usually 5-20% of the property price) Save for extra costs (legal fees, surveys, removals, furniture) GET ORGANISED Gather key documents: Photo ID (passport or driving licence) Recent payslips (usually the past three months) Bank statements (last three to six months) Proof of deposit savings Avoid big financial changes in this period (new credit cards, large purchases) WORK OUT YOUR BUDGET Decide on a monthly budget Factor in running costs: Council tax Utilities Service charges / ground rent (if applicable) Cost of moving home Leave room for emergencies SPEAK TO PROFESSIONALS Talk to a mortgage adviser or broker Get a Mortgage Agreement in Principle (AIP) Understand different mortgage types (fixed, tracker, term length) KNOW YOUR BUYING POWER Confirm your maximum purchase price Decide what’s non-negotiable vs nice-to-have BEGIN THE PROPERTY SEARCH START VIEWING Register with estate agents / developers Set up online alerts (for example with Zoopla and developer sites) View a range of properties to compare value Ask the right questions
WHAT’S INCLUDED IN THE PRICE? How long is the lease (if leasehold)? What are service charges / ground rent? Is there parking, storage, outdoor space?
CHECKLISTS
BE REALISTIC Consider location vs size vs condition Think about future resale value Check transport links and local amenities Check distance to schools and your commute to work LEGAL & MORTGAGE PROCESS APPOINT PROFESSIONALS Instruct a solicitor or conveyancer Submit your full mortgage application Pay any upfront fees required SURVEYS & CHECKS Book a property survey (Level 1, 2 or 3) Review survey results carefully Raise any concerns or renegotiate if needed STAY ORGANISED Respond quickly to solicitor and lender requests Keep documents handy Avoid changing jobs or finances during this stage EXCHANGE & COMPLETION BEFORE EXCHANGE Receive your mortgage offer Review contracts with your solicitor
Pay your exchange deposit Agree a completion date COMPLETION DAY Transfer remaining funds Get confirmation from your solicitor
Collect your keys WELCOME HOME PRACTICAL STUFF Book removal van or movers Arrange time off work if needed Pack essentials separately (documents, chargers, kettle) SET UP YOUR HOME Set up utilities (gas, electric, water) Arrange broadband and TV Redirect your post with Royal Mail Update your address with banks, GP, dentist, DVLA and employer FINAL QUESTIONS Where is the main stopcock located? Where can I find gas and electricity meters? Where is the thermostat? What companies supply the gas, energy, water, phone line and internet?
Find out when the bins are collected Introduce yourself to neighbours
FOR SALE
FOR SALE
FOR SALE Find your dream first home with National Home Buying Week
GREENWICH Laney House, Kidbrooke Village
With the award-winning regeneration of Kidbrooke Village already delivering real impact for residents, NHG Homes is building upon this success. Offering aspiring buyers the chance to join an established, vibrant community with bustling amenities and tranquil green spaces right on the doorstep is Laney House. A collection of high-quality, contemporary one and two bedroom apartments, Laney House showcases light-filled, open-plan living, sleek yet practical features, a premium specification and allocated parking. In addition to the contemporary interiors, Laney House’s access to an abundance of amenities
ensures synergy with modern living. Available on an opt-in basis to Shared Ownership buyers, The Clubhouse is a private members’ club featuring a welcoming 24-hour concierge team, state-of-the-art gym, bespoke swimming pool, private cinema room and business suite. Shops, restaurants and a David Lloyd leisure centre are all within easy reach, while farmers’ markets and community events on-site provide even more for residents to enjoy. Prices at Laney House start from £39,500 for a 10% share of a one bedroom home. nhghomes.com/laney-house
*Based on a 10% share with a full market value of £395,000
CROYDON The View at Aspect The View at Aspect is a contemporary collection of one, two and three bedroom apartments with skyline views that capture the essence of city
COLINDALE Heybourne Park As part of the inspiring regeneration of Colindale in north London, Heybourne Park is a new collection of one and two bedroom apartments. Taking centre stage in the leafy suburb, Heybourne Park offers stylish homes that unlock city living for aspiring first time buyers. The development is 15 minutes’ walk from Colindale station, offering direct journeys into central London via the Northern Line. Designed to blend chic modern fittings with an industrial edge, homes combine terrazzo detailing with light wood finishes. Underfloor heating ensures cosy living in the winter months, while private outdoor spaces provide effortless flow into the fresh air as the weather turns warmer. Residents enjoy a lush and community-centred neighbourhood, with Heybourne Park on the doorstep, a new Tesco supermarket integrated into the ground floor of the building and the whole site linked via beautifully landscaped residents’ and community gardens. One bedroom new homes at Heybourne Park start from £88,125 for a 25% share. nhghomes.com/heybournepark
living in the capital. Homes feature open-plan living space with double or triple aspect south-facing views to most apartments and dedicated spaces for flexible working. Generous floor-to-ceiling windows throughout frame the surroundings. Residents enjoy an excellent transport network for commuting and socialising, with Wellesley Road tram stop on the doorstep. Just a five- minute walk away, East Croydon station offers direct connections to London Victoria and London Bridge for those heading into the city centre. Directly opposite lies Centrale and Whitgift shopping centres, home to high-street favourites, local independents, street food and stylish boutiques and it’s even touted for future development by Westfields shopping centre. Available to purchase through Shared Ownership, with prices starting from £83,125 for a 25% share and estimated monthly costs from £1,000pcm, The View at Aspect makes homebuying in the capital more achievable. nhghomes.com/aspectcroydon
*Based on a 25% share with a full market value of £332.500
*Based on a 25% share with a full market value of £352.500
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FOR SALE
HENDON SO Resi Westgrove
SO Resi Westgrove is a collection of 102 sustainable one, two and three bedroom apartments in Hendon, available to buy through Shared Ownership. Just a mile from Hendon Central tube station and close to local shops, the development combines eco-conscious designs including green roofs, solar panels and natural materials. Surrounded by beautiful landscaped communal gardens, each home comes with a private balcony or terrace and a generous open-plan living space. Kitchens come with integrated Bosch appliances, underfloor heating, video door entry system and secure cycle storage. There are also a limited number of EV charging points. Prices start from £35,000 for a 10% share of a one bedroom
PECKHAM SO Resi Peckham SO Resi Peckham is a contemporary collection of 81 one and two bedroom apartments located on the Old Kent Road, available through Shared Ownership or via the SO Flexi scheme, providing 32 London Living Rent homes. Homes border Brimmington Park, with its outdoor gym, walking trails and playpark, or a speedy seven minutes on two wheels takes you to Burgess Park where you will find a selection of outdoor activities including a fishing lake. In this vibrant area you will be spoilt for choice with a great selection of trendy bars, restaurants, shops, entertainment venues and a thriving outdoor market. Homes come with Zanussi integrated appliances in the kitchen, carpet to the bedrooms and Amtico flooring to the living area, kitchen, bathroom, hallways and en suites. These homes offer excellent connections into central London with London Bridge only 24 minutes away. soresi.co.uk/find-a-property/so-resi-peckham
apartment available with a 5% deposit from £1,750. soresi.co.uk/find-a-property/westgrove-2
*Based on a 10% share with a full market value of £350,000
*Based on 10% of the full market value of £437,500
WEMBLEY PARK SO Resi Wembley Park
SO Resi Wembley Park offers a highly desirable collection of 79 high-quality one, two and three bedroom apartments across two landmark new buildings in the heart of Wembley Park, offering stunning views and an inspiring lifestyle. With private outdoor space for every home, these stylish, energy-efficient apartments are set in the heart of London’s cultural hotspot. Step outside into lovely gardens and find world-class entertainment, shopping, restaurants, sport and over 1,000 acres of nature nearby. There is also a 24-hour concierge, cycle storage and a three-year car club membership. The homes are adjacent to Wembley Park underground station, making central London just 12 minutes away, with fast links to the Elizabeth Line. Prices start from £39,000 for a 10% share of a one bedroom apartment with a 5% deposit of £1,950. soresi.co.uk/so-resi-wembley-park
*Based on a 10% share with a full market value of £390,000
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