Tips on raising the money

If you're struggling to raise the money for your first home by yourself, some of the following options may be open to you:

• Help from your parents or a close relative.
• Buying with a friend or friends.
• Entering a shared ownership or shared equity scheme with a third party, such as your Local Authority who will pay a percentage of the value to make it more affordable.
• A parent or a family member guaranteeing your mortgage so you can borrow more, (But they need to make sure they know what they are entering into.)
• A Graduate package, where lenders will often offer higher income multiples on the basis that they expect your earning capacity to increase in the near future.

Whichever option you go for, be careful not to over-commit yourself and bear in mind there may be times when money suddenly becomes unexpectedly tight.