Property Purchase for the Gay Community
For LGBTs, things have changed considerably in recent years. Many of us now benefit from equal marriage, potentially allowing us more security when buying a property with a partner. However, increasing the chances of making our dream come true depends crucially on defining, budgeting and taking steps as early as possible to make sensible preparations.
For example, many LGBTs do not have children and may be in a position to build savings from monthly earnings, potentially allowing them to consider buying a 'fun property', such as a holiday home in the sun or that dream pad for an early retirement.
Many LGBTs are keen to live in bigger cities, like Manchester, to be part of vibrant Gay communities. To do that, we may face some challenges as such locations can be relatively more expensive, especially City Centre Locations.
Older LGBTs may have bought property in a time when they didn’t feel comfortable being open and didn’t have legal protections available. As a result, they may be at risk of not having their partner properly protected.
Buying a property is a big step and there are many things to consider. It’s easy to get carried away with the excitement of a new home and not think about practicalities.
Obviously, the location of your property is an important consideration. But so is getting the correct mortgage for your circumstances, and you need to make sure your partner has legal and insurance protection.
LGBTs can easily overlook some of this. Often, an LGBT specialist can provide helpful advice, based on really understanding your circumstances.
Here are some important bullet points to consider for LGBTs buying property:
1 Location, location, location
2 The potential extra cost for LGBTs
3 Finding the right mortgage
5 Who owns the property?
6 Second property traps
7 Buying a home abroad
8 Is your current property protected?
The answers to these questions are via the link below.
About Equality Wealth
At the end of last year, we announced the launch of a property search portal to help LGBTs find properties suitable to them. Click here
At the same time, Equality Wealth launched a specialist LGBT Mortgage Desk. At Equality Wealth, we want to ensure LGBTs have access to understanding advice when buying a property or choosing a mortgage. And we want to give you access to lenders and insurers certified as LGBT-friendly.
In Manchester and the North West, specialist advice for the LGBT Community is offered by Kath Wilkinson. If you’d like to talk to Kath, click below.
With the launch of the specialist mortgage desk, Equality Wealth is also offering a free specialist LGBT mortgage consultation. This is available to those planning a property purchase or who have previously purchased property and would like a review of their current arrangements, for example in connection with an upcoming mortgage renewal.Read More