While the property market can be a frustrating one for any type of homebuyer, it’s worth noting anyone and everyone can buy a home. You don’t need to be in a relationship or buy with someone else in order to get yourself on the property ladder.

How can a single person afford a house?

If you’re just starting your homebuying journey on your own, you may not feel like you’ll be able to get on the property ladder, but that isn’t the case. Although saving enough money to afford a deposit and help towards the living costs is a big factor, securing the right mortgage can also make your dream home a reality.

We look at some ways you can afford to buy a house on your own:

Be realistic on the value of property you can go for

If you’re a solo buyer, you might be able to manage living in a smaller property. This can make buying a property more affordable. Added in, if your first property purchase is £300,000 and below, you won’t be charged any stamp duty tax costs. This will help you save thousands of pounds in the process.

It’s worth putting together a plan of action, including what a realistic maximum budget is for homebuying and how much you’ll need to pay out for monthly bills. You will also need to consider the solicitor fees, mortgage fees, house deposit fees and any immediate improvements you need to make.

Consider shared ownership

Shared ownership doesn’t mean you have to live in the property with another person. This is a type of scheme that means you buy a percentage of the property and to rent the rest of from the local authority. Although you wouldn’t own the property in full, some schemes may allow you to buy the remaining percentage down the line, which means overtime you will own the property outright.

This type of property ownership allows for more money to be saved as you will only be required to provide a lower deposit. However, it’s worth noting that your monthly costs will include mortgage repayments, rent and sometimes a maintenance or service charge too. As long as you have taken the time to work out if this is an affordable option for you, then it is something well worth considering.

Ask for the bank of mum and dad to help

Buying a house at any stage of your life is going to be one of the biggest decisions you’ll ever make. Even more so when you first start out, and especially as a solo buyer.

In some circumstances, parents and grandparents may want to try help you achieve your property goals. There are different ways they can do this, such as gifting you an amount to help towards the deposit fee or release some equity from their own home to give you more cash to put down.

Another potential option to consider is to use your parents as a guarantor for your mortgage. This is if you can’t make a monthly mortgage payment, the lender would approach them instead of you. Not all lenders offer guarantor mortgages, but there are a few around so it’s worth doing some research on it before getting the ball rolling.

Help-to-buy for a single person

Help-to-buy is a type of scheme the government introduced to help first-time buyers get on the property ladder.

One option to consider is an equity loan. This type of loan is designed to help you create a 20% deposit (40% in London), but you’ll need to put down at least 5%.

The government loan is interest free for the first five years, which can really help you when paying it back. This loan type is available on new build properties up to a certain amount throughout the different UK regions.

As discussed earlier, another help to buy option is shared ownership. This lets you buy between 10% and 75% of a new build home, and then pay rent on the rest.

The government is also offering a mortgage guarantee scheme, which helps homebuyers secure a mortgage with a deposit as low as 5%. Because lenders have the benefit of the government backed guarantee scheme, there is less of a risk to offer mortgages to people who are hoping to pay a 5% deposit.

How we can help

Ultimately, buying your first home whether you’re doing it solo or with someone else is a very personal decision. It’s also a very big commitment, both emotionally and financially.

If you’re looking to press ahead and secure the keys to your first home as a single buyer, our experienced conveyancing team are available and ready to help you with your legal needs.

Our solicitors are approachable, and you can be confident we will make the process much less stressful. We are well-equipped to take care of all the legal aspects of your purchase. We also understand how important it is to you personally and will always go the extra mile to support you on your journey to home ownership.

For further information, please contact Kerry Walker, our conveyancing manager, at Kerry.walker@gw.legal, Teresa Abols, at Teresa.abols@gw.legal or Helen Bond, at Helen.bond@gw.legal. Alternatively, you can call the property team directly on 0345 373 6130.

Who are GWlegal?

GWlegal are a property solicitors based in Liverpool, specialising in buying or selling, remortgage, declaration of trust, bridging and buy-to-let landlords.

If you have a legal matter you wish to discuss don’t hesitate to get in touch. You can call our property team directly on 0345 373 6130 or email us hello@gw.legal with your question.

Who are GWlegal? We’re a national firm with local values.

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Content correct at time of publication.