Getting into your first place is a scary thing, and you’ve probably been bombarded with so many tips from friends, family and financial advisers it can be hard separating fact from fiction. We put some of the biggest myths to the test to help you get into your first home quicker.

Myth: If I buy my own home, I’ll be permanently broke, because I’ll always be saving!

Fact: There are lots of affordable options available for first time buyers, which will help to free up some of your hard-earned cash. Housing associations like L&Q offer Shared Ownership schemes, which require you to save as little as a 5% deposit of the share being purchased. So, for a property worth £400,000, your deposit would be £5,000. If you have more money for a deposit, the government Help-to-Buy Mortgage scheme can help you buy a home, without you having to take out a costly 95% mortgage – which can incur large monthly repayments.

Myth: Shared Ownership means I have to share my property with other people?

Fact: Absolutely not! You can live by yourself! Shared Ownership means you buy a share of your home, at least 25%, paying a mortgage on your share and a subsidised rent on the rest, to a housing association. You can buy additional shares in the property over time, and ultimately own the property outright.

Myth: I need a huge pay rise to afford to buy a home.

Fact: Recent figures have shown that the average Londoner needs a 266% pay rise to find properties in the capital, however, while pay rises are always great, you don’t necessarily need one to be able to buy your first home. Affordable options can keep your monthly payments down.  Mortgage repayments through Shared Ownership are lower because you only buy an initial percentage share, they can work out cheaper than an outright sale mortgage and renting privately on the open market.

Myth: If I want to buy in London, I won’t be able to live in a cool area.

Fact: Not true! Here are 3 fashionable areas you could be eligible to purchase your first home in.

Elephant & Castle: Living right next door to Zone 1 means you can easily whizz into Central London whenever you fancy.  Home to L&Q’s Harvard Gardens, there’s plenty going on in this eclectic cultural neighbourhood!.Just south of the river, the Borough of Southwark has the highest population growth of young professionals, giving the place a lively buzz.

Canada Water: SE16 is flourishing, the vibrant area offers a number of popular independent shops, restaurant and cafes; Street Feast have set up ‘Hawker House’, their latest food market here. A short walk from Quebec Quarter, L&Q’s new development of 69 Shared Ownership apartments, is the Surrey Quays Shopping Centre, which is set to become a shopping mecca when a £34 million redevelopment programme is completed within the next 5 years.

Woolwich: With more and more young professionals moving in and new boutique shops and bars regularly popping up, Woolwich is now being pipped by some as the future Shoreditch of Southeast London. The opening of a Crossrail station in 2018 will make the area a true property hotspot; just minutes from Woolwich Common is Ordnance Place, L&Q’s collection of ten 1 and 2 bedroom Shared Ownership homes.

Myth: Never buy a new home on Friday 13th

Fact: Don’t believe in superstitions! If you’ve done your research and most importantly, spoken to an independent mortgage advisor, nothing should get in the way of your dream of buying your first home.