There are many new schemes available for first time buyers in the UK to help them buy their first home in the challenging property market today. Many first time buyers are finding it extremely difficult to get together the amount of deposit that is required to put down on a new home.

Combined with the fact that it is harder to get mortgage finances from lenders than it used to be because of stricter lending criteria and requirements, first time buyers are finding it financially hard to make that first step of buying a property.

Because of this, many house builders have launched schemes to help. These include shared equity schemes, where buyers pay up to 80% of the total sale value and put down a 5% deposit. The remaining balance of 15% is financed by the house builder as a loan, which can be paid either over ten years or when the property is sold, whichever is first. The loan is interest free over the ten year period.

Not only is this a good opportunity for first time buyers to take advantage of these types of schemes which ultimately help them get onto the property ladder, but it is also good for the house builders who sell their housing stock in a stagnant and very slow market.

Other schemes include deposit matched schemes, where say a buyer puts down 5% of the deposit on a property, the house builder will match the same amount of 5%, so the overall deposit paid on the property is 10%. This will also help first time buyers reduce their purchasing costs.

Many house builders are also discounting their property trying to sell their stock. If reserves are made on properties, very often a discount is given for a certain period of time to incentive reservations of homes and deposits paid.

Son Brice @ new developments Bristol and new homes Birmingham