| Housing Associations | | | | prices. If you know what you're doing (and particularly if |
| Shared ownership is a good way of getting on the | | | | you're good at building) you can pick up a real bargain |
| road to owning your own home and you can do it | | | | here. But there are pitfalls: |
| through a local housing association. The housing | | | | - Getting a mortgage for a run down place will be |
| association buys the property outright then you buy a | | | | difficult so be ready to pay cash for it upfront. |
| share of a property off them (with a mortgage) and | | | | - For other properties you need to have at least a 10% |
| you pay a small rent on the rest. You can then go on | | | | deposit ready to put down on auction day. The rest |
| to buy further shares, and eventually own the property | | | | has to be paid within 28 days so you will be best off |
| outright later on. | | | | having a mortgage sorted out beforehand. |
| There are usually long waiting lists for these schemes | | | | - You should get the property inspected before you |
| and they usually operate on a kind of points system | | | | bid on it, which could set you back a bit. |
| where the longer you've been on the list the more | | | | - It's easy to get carried away with the excitement of |
| points you have. You also get extra points in some | | | | the auction and you may end up bidding for the wrong |
| areas if you're a 'key worker' or if you have children or | | | | property. |
| currently live in a home that is obviously bad for your | | | | - You could end up with a complete lemon.Buying with |
| health. | | | | a lover or friend |
| To find out about buying a home in stages from a | | | | Two wages are better than one, especially if you're |
| housing association contact the Housing Corporation | | | | looking to get a fairly large mortgage, but as the old |
| office covering your area. They'll send you a list of | | | | saying goes, money matters with a friend or lover |
| registered social landlords (RSLs) operating these | | | | always leads to problems. You need to know you can |
| schemes in your neighbourhood. | | | | stand living with them day in, day out, but even if |
| Ex-council properties (Right to Buy schemes) | | | | they're wonderful, you should get things ironed out by a |
| If you are lucky enough to get a council property you | | | | legal expert to protect you both. Several lenders now |
| may have the right to buy it although you do have to | | | | offer mortgages for pairs or groups of friends to buy |
| be careful. Some council properties - particularly those | | | | a property together, but make sure that you have |
| in large, poorly-maintained blocks, may be very difficult | | | | water-tight contracts between you about how the |
| to re-sell and won't hold their value. People who have | | | | property would be divided up if one or all of you wants |
| been living in the property for a long time (at least 15 | | | | to sell some time down the line. |
| years tenancy) may be eligible for substantial discounts | | | | Self-build |
| of up to 70% of the value so it may prove worthwhile. | | | | Over 25,000 people build their own home each year. It |
| You might find it hard getting a mortgage on certain | | | | may seem a bit extreme, especially if you have little |
| properties, so be warned. | | | | experience in this field, but you don't have to be a |
| The Starter Home Initiative | | | | builder yourself, just be willing to look for land, bring in |
| If you are a key worker, like a nurse, police officer or | | | | an architect and have the patience to project-manage |
| teacher, you could get on the Starter Home Initiative. | | | | the works while the house is being built (probably 12-18 |
| The program was created to help people doing 'key' | | | | months). |
| jobs, like people in healthcare and education, to buy | | | | There are more and more mortgages on the market |
| homes in expensive areas, and has been very useful | | | | for self-build schemes and many will lend up to 95% of |
| for those who qualified for help. There are various | | | | the cost of doing the building. A well-run self build |
| ways in which this scheme helps key workers. Have a | | | | project should see the final value of the home |
| look at the Government website where you can find a | | | | increase by 20-30% on the actual building and land |
| fact sheet on the scheme and contact details for your | | | | costs once it is finished. So, if you're prepared to wait |
| area. | | | | and do the work, you can make some sensible money |
| Auctions | | | | on it. |
| At auctions they have hard-to-sell properties at lower | | | | |