Deposits required for house purchases nowadays are much larger than those needed a couple of years ago, you are looking at putting up at least 15 per cent deposits and more likely twenty to twenty five per cent deposits to get a half decent rate. Who really has that kind of money?

There is a number of shared equity schemes that can help you get over the hurdle of these large deposits that are required. There are quite a few options from ones where you can help from family and friends as well as the government. Parents often want to help their children, family equity loans are the solution. Each party would have a legally binding equity stake in the home meaning family members can help younger generations and have peace of mind of knowing their investment has been documented and they will hopefully benefit from a long term investment.

The family equity loan is a great share equity scheme giving the child that little bit of extra money that they need to be able to buy the home that they really want or help them to be able to get a mortgage that offers affordable repayments.

The Governments, I say governments because both the Scottish Parliament and UK parliament offer shared equity schemes, to help those not able to afford a home on their own. In England you should look for the HomeBuy scheme and in Scotland the scheme is known as LIFT which stands for Low-cost initiative for First Time Buyers. They are normally catered towards those looking to buy their first home and on low to medium incomes. Although if you are already in a home that isn’t suitable the government may be able to help you buy a home that meets your needs, for example if you are disabled or elderly.

This scheme is fantastic for those who need considerable help as the government is willing to take a considerable stake in homes, the buyer does need to be the majority stakeholder, so 51% however the government will consider taking a stake in a property up to 49%, the normally however is 20-40%.