The home ownership dream can seem more out of reach than ever, with mortgage affordability rules making the home-buying process more complicated. And ever-increasing house prices mean that many hopeful homeowners usually have to find larger deposits than before.
According to the Nationwide House Price Index, the average UK property price in October 2015 was £196,807 – up from £173,678 in October 2013 (a rise of 13.3 per cent). On a mortgage that offers 90 per cent loan-to-value (LTV), this means finding a deposit of nearly £20,000, with estate agent and legal fees on top of that too.
So what for the hopeful at the foot of the property ladder? One potential solution is part-own, part-buy – Shared Ownership. A step that yours truly took a few years back and have never regretted.