7 years ago by Nigel Kags and 3300 Views
If you are a struggling home buyer. this scheme is for you. Because trying to put together money for a deposit can be quite challenging. Help to Buy is a government scheme that may be able to help you buy your first home. Several government schemes can help you pay for your dream property in England, Northern Ireland or Wales. Among those schemes is Help to Buy Shared Ownership and Help to Buy Equity Loan.
With the Help to Buy: Shared Ownership scheme, it’s possible for you to buy a home in as little as 25% to as much as 75% while paying for the rest on rent. Later on, you can buy bigger shares if you think you can afford it. In this section, you will find answers to some of the general questions to know about Help to Buy, Shared Ownership and buying a Help to Buy home.
First-time buyers scheme
The United Kingdom government has a range of Help to Buy schemes available for first-time buyers to help them move on in the property ladder. Among the first-time buyers scheme is the Help to Buy Shared Ownership and Help to Buy Equity Loan, along with Help to Buy ISA.
· Help to Buy Equity Loan
This scheme allows you to obtain a low-interest loan to your deposit called equity loan. You may be eligible for the Help to Buy Equity Loan if your home is a new build and has a market value of up to £600,000 if you are in England and £300,000 if you are in Wales. It must also be the only home you have as well as it should not be a sub-let or must not be rented out after you purchased it.
· Help to Buy ISA
This is a scheme that can help you save to purchase your first home. With this scheme, the government will boost your savings by 25% or up to £3,000. It applies if you are buying a home with someone else or if the home you’re planning to buy has a price of up to £250,000 or £450,000 if you are in London. It must be your only home and where you plan to live. The good news is you don’t have to pay it back.
· Shared Ownership
In this scheme, you buy a share of around 25% to 75% of your home than pay the rest through rent. You are eligible for Shared Ownership if your family earns £80,000 or less per year or £90,000 or less per year in London. You must also be a first-time buyer or an individual who had a home before but can’t afford to purchase one now. It also applies to existing homeowner but they must sell their home.
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