Gordon Blair Mortgage & Insurance Brokers
Mortgage & Protection Brokers - Norbury & Streatham
Why More First-Time Buyers in London Are Turning to Shared Ownership – And How You Can Too!
Have you ever felt locked out of the property market? With house prices continually rising, especially in sought-after areas like Streatham, Croydon, and Brixton, the dream of homeownership can seem elusive. However, at Gordon Blair Financial Services, we believe that it doesn’t have to be that way.
Many people are unaware of innovative schemes like Rent-to-Buy and Shared Ownership mortgages, which provide practical pathways to owning a home. In this blog, we’ll share insights on how these options can make homeownership attainable, helping you navigate the journey toward securing your dream home.
The Reality of Renting – An Unending Cycle
For many renters, living in vibrant areas like Brixton means spending significant portions of income on rent, with little to show for it in terms of building equity. The traditional route of saving for a large deposit often feels like an uphill battle.
At Gordon Blair Financial Services, we understand that renting can feel like a never-ending cycle, where the dream of owning a home remains just that—a dream. However, with the right information and guidance, we can help you break this cycle and move toward a more secure future.
The Game-Changer – Rent-to-Buy Explained
Rent-to-Buy is a government-backed scheme designed to assist renters in transitioning to homeowners. This option allows you to rent a property at a lower rate, typically around 20% less than the market rate, while you save towards a deposit. After a predetermined period, you’ll have the option to purchase the property, often using the savings you’ve accumulated during your rental phase.
Discovering Shared Ownership – A Smart Investment
Alongside Rent-to-Buy, Shared Ownership is another excellent option for first-time buyers looking to enter the property market. With Shared Ownership, you can purchase a share of a property—ranging from 25% to 75%—and pay rent on the portion you don’t own.
Why is Rent-to-Buy a fantastic choice for those in Streatham, Croydon, and Brixton?
This scheme empowers potential homeowners to live in their desired location while gradually building up their deposit. It’s particularly beneficial in areas where property prices can be daunting, making it a viable option for those who need more time to enhance their financial position.
Why shared-ownership is this a popular choice for buyers in Croydon and Brixton?
With escalating property prices, many first-time buyers find it challenging to secure a traditional mortgage. Shared Ownership provides a practical solution, allowing individuals to buy into the property market with a smaller deposit and mortgage. As you become more financially secure, you can buy additional shares in the property, eventually owning it outright.
The Benefits of Rent-to-Buy and Shared Ownership
At Gordon Blair Financial Services, we believe in empowering our clients with knowledge. Here are some key advantages of these schemes:
- Lower Deposits: Both Rent-to-Buy and Shared Ownership require significantly smaller deposits compared to traditional mortgages. This makes homeownership more accessible for first-time buyers in high-demand areas.
- Affordable Payments: Rent-to-Buy allows you to pay a reduced rent, which can help you save for a deposit. Meanwhile, with Shared Ownership, you only pay rent on the portion you don’t own, making it a more budget-friendly option than renting privately.
- Flexibility: Shared Ownership offers the opportunity to increase your stake in the property as your financial situation improves. Rent-to-Buy allows you to buy the home you’ve been renting at an agreed price, offering you time to prepare for full ownership.
- Location Benefits: These schemes enable potential buyers to access homes in desirable areas like Streatham, Croydon, and Brixton without the upfront financial burden typically associated with purchasing property in London.
Is Rent-to-Buy or Shared Ownership Right for You?
As a leading mortgage broker in South London, Gordon Blair Financial Services is dedicated to helping individuals assess whether Rent-to-Buy or Shared Ownership is the best fit for their needs. Consider the following questions:
- Are you struggling to save for a large deposit but want to own a home in a high-demand area?
- Do you want to build equity in a property while paying a manageable rent?
- Are you looking for flexibility in your homeownership journey?
If you answered “yes” to any of these questions, Rent-to-Buy or Shared Ownership could be the perfect solution.
Conclusion:
At Gordon Blair Financial Services, we’re committed to guiding you through the complexities of homeownership options available in Streatham, Croydon, and Brixton. Our expert advisors are here to provide tailored advice, ensuring you find the right path to homeownership.
Ready to unlock the door to your dream home? Contact Gordon Blair Financial Services today at 020 8715 7267. Let’s explore how Rent-to-Buy and Shared Ownership can make your homeownership dreams a reality!