for borrowers

First Time Buyers – This guide is for you!

From dreams to schemes

There is nothing like the excitement of buying your first home, but before you get the keys to the door there are plenty of hurdles your must first overcome. The Cambridge’s first time buyer guide can help you achieve your home ownership dreams, whether you are going it alone with your hard-saved deposit or you are looking to take advantage of a home ownership scheme such as a shared equity arrangement, a right to buy scheme or a guarantor-backed purchase.


Affordable home ownership schemes

Buying your first home in today's property market is not easy and, for many, government-backed, affordable home ownership schemes are simply the best way to get onto the property ladder.

If you feel you a home ownership scheme may be the best idea for you, our Mortgage Advisers are on hand to guide you through the different processes and answer any questions you may have.

The Cambridge has more than 160 years' experience of helping people buy their own homes and we have put together a step by step guide to help you through the process. 


Affordable home ownership schemes - the detail

There are many different schemes available to make home ownership a reality for more people. Your Mortgage Adviser will be able to provide additional information, if required. These schemes include:

Shared Equity

Your employer may offer this as part of your benefits package. You own the house with your employer jointly and the mortgage is set up in your joint names.

See the Money Advice Service page on shared equity or partnership mortgages to find out about the key features and the advantages, restrictions and risks of a partnership mortgage.

Shared Ownership

Shared ownership is a type of residential property buying scheme that allows the buyer (or buyers) to part-buy, part-rent a home in the UK.

The scheme is designed to help people whose financial circumstances mean they cannot afford a property on the open market, to buy a home in stages. It's available to both first-time buyers and people who have previously owned a property as long as they are able to meet the scheme's criteria.

Right to Buy

For council tenants who have the chance to buy their house at a discounted price, we can lend up to 100% of the discounted price.

Find out if you are eligible to apply to buy your council home on the website where you can also find out about the level of discounts available, how to apply and information on all agencies that can help you.

Guarantor backed mortgages

Would a family member help you buy your first home? They may be able to act as Guarantor for the mortgage, helping you take that first big step to independence.

Read on below for more information about guarantor-backed mortgages and what it means to be a guarantor.


Guarantors: We have everything you'll need to know

There is some important information that you'll need to know if you:

- Intend to act as a guarantor for a mortgage for another person

- Intend to offer your property as collateral security for a mortgage for another person

The Cambridge recommends that you take independent legal advice before entering into an agreement to make sure you understand your commitment and the potential consequences of your decision.

Guarantors should read our guide: Essential information for Guarantors


Dreams to schemes—your next steps

Once you have worked out the best way for you to buy your first home, you will need to consider the next steps. Read our ‘Buying your Home: Step by Step guide’ for useful information on everything from house hunting, surveys and finding the right solicitor, right up to completion and getting the keys.

It's an exciting time and The Cambridge can be with you every step of the way.




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