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:
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-buliders and HomeBuy agents.
Low-cost home ownership schemes - A guide to all the low-cost home ownership schemes available if you are a council or housing association tenant, keyworker or first-time buyer
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 propertyHow 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
Find a HomeBuy Agent in your area - Contact details for HomeBuy agents who administer FirstBuy and New Build HomeBuy schemes amongst others.
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