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

    5% deposit.

 

  • 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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