Six properties worth under £50k where first-time buyers only need a £2,500 deposit

FIRST-TIME buyers with little in savings can become home ownerswith these bargain properties that cost less than £50,000.

If you're on your own, you'll only need £2,500 for a 5% mortgage deposit or £1,250 each if you're in a couple.

Lenders pulled almost all of these types of mortgage deals when the coronavirus crisis hit last year as they were seen as too risky.

They then made a comeback after the government launched its 5% mortgage guarantee scheme in April.

It comes as house prices have soared this year, with annual price growth jumping to 13.4% in June, according to Nationwide Building Society.

The average house price now stands at £245,432, but there are properties available for cheaper that don't require such as large deposit.

What help is out there for first-time buyers?

GETTING on the property ladder can feel like a daunting task but there are schemes out there to help first-time buyers have their own home.

Help to Buy Isa – It's a tax-free savings account where for every £200 you save, the Government will add an extra £50. But there's a maximum limit of £3,000 which is paid to your solicitor when you move. These accounts have now closed to new applicants but those who already hold one have until November 2029 to use it.

Help to Buy equity loan – The Government will lend you up to 20% of the home's value – or 40% in London – after you've put down a 5% deposit. The loan is on top of a normal mortgage but it can only be used to buy a new build property.

Lifetime Isa – This is another Government scheme that gives anyone aged 18 to 39 the chance to save tax-free and get a bonus of up to £32,000 towards their first home. You can save up to £4,000 a year and the Government will add 25% on top.

Shared ownership – Co-owning with a housing association means you can buy a part of the property and pay rent on the remaining amount. You can buy anything from 25% to 75% of the property but you're restricted to specific ones.

Mortgage guarantee scheme – The scheme opens to new 95% mortgages from April 19 2021. Applicants can buy their first home with a 5% deposit, it's eligible for homes up to £600,000.

They're not in the centre of town, none of them are in London and some are cheap because they're in need of renovations.

But if you don't mind relocating or you're keen to take on the challenge of a fixer-upper, then these properties on Zoopla could be worth checking out.

Just make sure to factor in renovation costs into your budget, and be aware that they could actually sell for more too.

Two-bed terraced house, Shildon – £45,000

This two-bedroom terraced house in Shildon, County Durham, is on the market for £45,000, meaning you only need a £2,250 deposit.

The property comes with two double bedrooms, a living room, kitchen/diner plus a shower room.

There's also an enclosed yard to the rear.

It's located around four miles from Bishop Auckland, which has easy access to supermarkets, banks, healthcare services and schools.

Three-bed terraced house, Bishop Auckland – £40,000

Listed for £5,000 cheaper on Zoopla, you can get a three-bedroom terraced house in Bishop Auckland for £40,000.

It comes with one bathroom as well as a rear yard.

The gas central heating and double glazing should help you keep warm in the winter.

If you're keen for a quick process, you'll be pleased to know that it comes with no onward chain.

Two-bedroom terraced house, Hartlepool – £35,000

If you're happy to move to Hartlepool, or you already live there, you can get this two-bedroom property for £35,000.

If you have an offer accepted for the listed price tag, you only need a £1,750 deposit.

The property listing says the home is ideal for first-time buyers and it also comes with double glazing and gas central heating.

Every room is painted in a different colour though, which may not be to everyone's taste but it can easily be fixed.

Two-bed terraced house, Stanley – £48,000

At the upper end of your budget, you have this two-bedroom property for £48,000 in South Moor, Stanley.

It's in a relatively good condition though, so you may be able to save on renovation costs.

The kitchen looks fairly new and comes with a stainless steel sink unit, a gas cooker and white wall and floor unites.

The property was built around 1900 and is said to be within easy reach of local schools and bus routes to Newcastle and Durham.

Two-bed terraced house, Middlesbrough – £45,000

Another option if you're able to spend closer to £50,000 is this two-bedroom property with two bathrooms, which is available for £45,000.

It's located in North Ormesby, Middlesbrough.

The property's a chain free sale and comes with a retiled main roof, double glazing and central heating.

There's a bathroom on each of the two floors, with the bedrooms located on the first floor.

The loft has also been boarded out to create some extra space.

Two-bedroom terraced house, Cumbria – £45,000

Last but not least, you can also get a two-bedroom terraced house in Cumbria for the £45,000 price tag.

Just be aware that it comes with a £45,000-£55,000 guide price, so you may have to fork out more money than planned.

The spacious property comes with two double bedrooms, two living rooms as well as one bathroom.

It also has an enclosed rear yard and a fitted kitchen.

We've also rounded up nine bargain properties to buy at action – and prices start at £5,000.

Plus, we've found eight first-time buyer properties worth £300,000 that you still don’t have to pay stamp duty on.

Meanwhile, this three-bed house in Cheshire is on sale for just £90,000 but it’s completely full of rubbish.

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