Mortgage Advice for First Time Buyers, First Time Buyer Mortgages and First Mortgage Advice

Government schemes for first time buyers

Government First Time Buyers Scheme Details

The Government has a number of schemes designed to help first time buyers - not just key workers but others from households where the yearly earnings are under £60,000 and in rare cases, with less stringent criteria:

Government First Time Buyers Scheme Options: 

Help to Buy schemes - Find out more about the latest Government schemes. Help to Buy is the primary instrument to help first time buyers.

FirstBuy shared equity scheme - on selected new houses only, requires just a 5% deposit and involves an equity loan as well as a 75% mortgage. The Equity loan is payable on the sale of the property (as is the mortgage) but attracts virtually no interest for the first 5 years.  Available through house-builders and HomeBuy agents.

Right to Acquire - Help to buy your housing association home - Find out if you are eligible for the Right to Acquire scheme

The Right to Buy scheme - What the scheme is, who is eligible, and details of the application process

Social HomeBuy - shared ownership of your council or housing association property, how the scheme works and who can apply

New Build HomeBuy scheme - Details of the New Build HomeBuy shared ownership and First Time Buyers Initiatives


Rent to HomeBuy scheme - Rent before you buy. Find out about eligibility and details of this scheme which may allow you to rent and then buy a newly built home

NewBuy mortgage indemnity scheme where the house-builder and mortgage lender both put money aside in the event of  a repossession.

To find out how to contact your local HomeBuy agent, email jonathan@advocofinancial.com letting him know which area you are looking in.

All these schemes require a mortgage so it's important you seek mortgage advice to help you with that. To find out if you are eligible, you should also make contact with your local HomeBuy Agent and work with a conveyancing solicitor.

Useful Links:

http://homesandcommunities.co.uk/inyourarea  And for Scotland: http://www.scotland.gov.uk/Topics/Built-Environment/Housing/BuyingSelling




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There's alot going on! What do you think?

Interest rates are low but could rise? Is this a good time to buy?

Yes
No

Varialbe rate mortgages go up if bank interest rates do. Which is your preference?

Fixed Rate
Variable rate

Interest only mortgages are cheaper but in the end you don't end up owning the property. Which is better?

Interest Only
Repayment

House prices are waivering. Do you think this is a good time to buy?

Yes
No

Shared equity mortgages allow you to buy a new home with 5% deposit and an equity loan through FirstBuy. What do you think?

Too complicated
Too expensive
Too risky

Rent to buy allows you to peg a property price, save towards a deposit and pay reduced rent. What do you think?

Works best in a rising market
Too complicated
Good option


 

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