Owning a home

Last updated: 10/02/2020

Before you decide you are ready to buy a property, you will be considering where you would like to live, whether it is near the children’s school or your work, the size of property you need, as well as any other requirements that you can’t compromise on.

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Buying a home

Most importantly you will have to work out how much of your salary you are able to put to a mortgage each month and how much of a deposit for the property you have up front. At this stage we recommend you make an appointment with a mortgage lender to see how much you are able to borrow and the type of mortgage that is best suited to your needs. Once you have decided what you can afford you can have a mortgage agreed in principle and then start looking for your new home.

Help to pay your mortgage

If you own and live in a property and are in receipt of income support, income-based jobseeker’s allowance, income-related employment and support allowance, universal credit and not earning, or pension credit you may be offered a Support for Mortgage Interest (SMI) loan. The maximum loan you will be offered is for a mortgage of £200,000. The loan will be paid as long as you remain entitled to a qualifying benefit and it must be repaid when you die or sell your home. You can choose to stop receiving the loan at any time. You will need to decide whether you want to take up the offer of the loan or pay the interest on your mortgage yourself.