The Government has created the Help to Buy schemes, including Help to Buy: Shared Ownership and Help to Buy: Equity Loan, to help hard-working people like you take steps to buy your own home.
The Help to Buy: ISA (for First Time Buyers anywhere in the UK) pays first-time buyers a government bonus.
For example, save £200 a month and you’ll see a top up of £50, up to a maximum of £3,000, boosting your ISA savings of £12,000 to £15,000.
The Help to Buy: Shared Ownership (for owning a share of any home.)
If you can’t quite afford the mortgage on 100% of a home, Help to Buy: Shared Ownership offers you the chance to buy a share of your home (between 25% and 75% of the home’s value) and pay rent on the remaining share. Later on, you could buy bigger shares when you can afford to.
You could buy a home through Help to Buy: Shared Ownership in England if:
- your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
- you are a first time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.
The Help to Buy: Equity Loan (for brand new homes in England)
With this type of loan the Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest.
You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
This loan is available to first time buyers and also homeowners looking to move on a property of a value up to £600,000. It’s available in England only. Similar schemes are run in the rest of the UK.
For further information and advice you can contact Mark Gilruth and his team on 01302 244 977.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments.
A buy to let mortgage will be secured against your property.
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