For many people who are renting a home, the thought of buying their own home may seem like an impossible dream. House prices continue to rise, and although there are now mortgage products which require lower deposits, buying a home may still appear to be out of reach.

The government has introduced a number of initiatives which are designed to help first time buyers secure their first home, although some experts fear that this may distort the housing market. The Help to Buy scheme was introduced to make it possible to buy a new build property with a smaller deposit. The government loans the money required for a deposit, with the borrower contributing as little as five percent. No interest is paid on the loan for the first five years, making it an affordable solution.

A similar initiative has recently been introduced to help first time buyers in London, with similar terms and conditions. Individual Savings Accounts (ISA) will also be rewarded by the government to help buyers. The government will give an extra 25% to those using an ISA to purchase a house, although there is a maximum amount of £3,000. The property must have a value below £250,000 if it is outside London, or £450,000 within the Capital.

Although there are a number of schemes which may make it possible to buy a home, a mortgage adviser who has undergone CeMAP training will be able to tell you if you can afford to buy your own property.

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