This petition will be presented to the Government at an opportune moment to try and get some action for FTBs.
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Surveys suggest that the number of first time buyers is historically low. One factor is that average house prices are now over five times the average income. In fact, buying a home in the conventional way is unachievable for most first time buyers. Shared ownership may be the only option for many first timers in the current climate. Shared ownership is the keystone of the Government's housing solutions and plans and they are committed to it in the form of millions of new properties over the coming years. HomeBuy shared ownership and shared equity schemes will undubtedly enable more first time buyers to buy a first home. More about shared ownership:
What is New Build HomeBuy and how does it work? l Who is eligible and what are the selection criteria? l Special features and how to apply l What is involved with shared ownership and who can apply? l How do I increase my share and how much do properties cost? l What rights and responsibilities do I have? l Are there restrictions on resale? l Can I buy with someone? And what about finance and legal issues? l Where do I start and what happens next? l What questions should I ask? l Shared Ownership Mortgage basics l Benefits and pitfalls of shared ownership l Shared ownership schemes run by house-builders l The First Time Buyers Initiative/English Partnerships
Useful websites:
www.direct.gov.uk
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?
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