Despite Help to Buy ending, there are a number of other options available for first time home buyers
Ms Suter added: “Investing is a good way to boost your house deposit, as long as you know you don’t plan to buy in the next five years or more.
In comparison, if you invested the money and earned 5 per cent returns a year you’d generate £4,010 over the five years – almost £3,400 more. Ms Suter said: “One option is for your parents or guardians to be a guarantor on your mortgage: called a ‘joint borrower, sole proprietor’ mortgage. This mortgage means that you still own the property but your parents are on the mortgage, to help boost how much you can borrow.
However, you need to be clear about how buying additional increments works, the fees you might face and how easily you can sell the property before you enter into this. For example, the helper could guarantee £20,000 for a 10 per cent deposit on a property worth £200,000. This scheme is only available to first time buyers, priority is given to serving members of the armed forces and key workers.
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