Opportunity Knocks for First-time Buyers!
New Build Sales provide a range of options for first-time buyers to get on the property ladder
Everyone knows that house prices are rising steadily,
especially in the London area. While this is forcing many
young people into the rental sector – primarily because the
cannot raise the huge deposits needed to secure a mortgage
– there are options available to climb onto the property ladder
for those prepared to look around.
Banks and building societies are aware that a shortage of first-
time buyers will cause a blockage all the way up the price range
in the housing market. The government recognises this and so
do many lenders who have been quite creative in the ways
they’ve reduced mortgage rates and introduced new financial
products to help first-time buyers.
Three schemes are listed below – but please get in touch with us to discuss other options which may match your own financial requirements more closely:
The government’s Help To Buy: Equity Loan Scheme enables first-time
buyers to purchase a new-build home priced up to £600,000 with as little as a
Similar to this is the Help To Buy: Mortgage Guarantee Scheme. The
government will guarantee 15% of a property’s value so, once again, a borrower
needs just 5% as a deposit. With this guarantee, however, lenders will have the
confidence to lend larger mortgages.
Shared Ownership Schemes – offered by housing associations – provide
buyers with another way to finance a house purchase. These schemes allow
buyers to part-buy and part-rent their home.
Developers also recognise that many young buyers are desperate to get onto the
property ladder. This is why they’re offering a range of fantastic incentives to make
purchasing possible. These range from paying legal fees and stamp duty to
assisting with moving expenses.
To discuss the various government schemes and available mortgage products in more detail, contact one of our property consultants today.
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