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Get a Foothold on the Property Ladder

As years go by, it seems to be getting more difficult for first time buyers to gain a foothold on the property ladder. In particular, young graduates and people on low incomes are finding it steadily harder to obtain a mortgage and buy their own property. However, it's possible for these groups of consumers to find help from a variety of institutions; both verbal and written advice can be found as well as help in the form of grants.

Homestake, a scheme set up in Scotland in 2005, is one such programme. Homestake aims to help people on low incomes who want to own their own home but cannot afford to pay the full price. Targeted towards first-time buyers, the principle behind the Homestake agenda is simple: a grant is given to a registered social landlord in order to help them fund a certain amount of the price of a Homestake property. Participants in the Homestake scheme will pay the majority of the share in the property (usually 60 to 80 per cent), and the social landlord will use the grant to pay for the remainder of the property. After two years, the Homestake home owner can increase their share in the property if they feel they can afford to do so.

Having recently acquired increased funding, the Homestake programme has been designed flexibly so that it can also cater to the disabled, as well as help older buyers purchase housing that's more suitable for their needs. Homestake's activities represent a much needed resource in the property market, and one that helps first time buyers enter the property market with both feet firmly on the ground.

However, if you're not from a low income background and you still find it hard to step onto the property ladder, don't despair. There are plenty of informational resources for first-time buyers. In fact, many financial institutions offer first-time buyer mortgages, through which financial consumers can obtain specialist advice and choose from a wide range of repayment options including: fixed (interest paid at a set rate for an agreed amount of time), tracker (interest rate rises and falls with bank average) and capped mortgages (where your interest rate won't rise above a certain level for a set period), among others.

Furthermore, many of these mortgage providers will offer tailor-made agreements for first-time buyers, such as shared ownership (similar to the Homestake scheme), guarantor agreements or housing association co-purchases. And with some providers offering mortgages of up to 5 times your salary, first time buyers will find a range of options available to them when choosing their first time buyer mortgage. So, don't be afraid to plunge into the property market for the first time: it may be difficult, but if you research your options carefully, you're sure to find resources that match your needs - whatever your income.

About the Author

Martin McAllister is an online freelance journalist. He lives in Scotland.

i really need some help trying to get a government grant for a scheme to help young people occupy there minds?

I have spent the last 9 months researching into ways to stop the on-going violance and anti social behaviour caused in communities. Almost every1 that completed the survey between 12 - 25 said the same thing "nothing to occupy us". I then put together a structure on ways to resolve this and give people like myself more to do in our local areas. I have wrtten to loads of businesses and some well known faces of fame asking for support? many wrote back and said although a good idea they would not be willing to help. alot of people complain about anti social behaviour but few are willing to help resolve it! luckily 2 well known companies and 3 well known people have agreeed to match or contribute towards a government grant. This is my problem, the government make everything very hard, I have spent weeks trying to get a grant on-line or trying to pitch my idea and i am constantly going round in circles. If someone has done this before or would like to get involved please help me.

Your best bet is to seek for private grants or grants from private foundations.

The best resource for this is Foundation Center http://www.fdncenter.org . They have a very good database covering all organizations giving grants and you can find foundations that are interested in supporting your type of cause. However, it's a subscription based website ($19.95 per month I think is the cheapest subscription price). But it certainly is worth the fee. You can subscribe one month, and make sure you get all the info you need and then stop the subscription.

If you want to try federal sources, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants.

CFDA has several ways to search for grants. I suggest you search by beneficiary and select Private Non Profit Organization and you can find listings of grants available http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show

However, to be able to get grant awards, you need to be 501C(3) certified from the IRS http://www.irs.gov/charities/charitable/index.html

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