Navigating the property market as a first-time buyer can be challenging, but government schemes are here to help. Discover how these options can make home ownership more accessible.
Shared Ownership: A Flexible Start
Shared Ownership is a fantastic way to ease into the property market. By purchasing a share of a property—usually between 25% and 75%—you can manage your finances more effectively by paying rent on the remaining portion. This approach allows you to gradually increase your ownership as your financial situation improves, offering a flexible path to full ownership.
First Homes Scheme: Discounted New Builds
The First Homes scheme is designed to make new-build homes more affordable for first-time buyers. With a minimum 30% discount off market value, this scheme ensures that the savings are passed on to future buyers as well. It’s an excellent option for those looking to secure a new-build property at a reduced price.
Lifetime ISA: Boost Your Savings
A Lifetime ISA (LISA) is a savvy savings tool for first-time buyers. You can save up to a set amount annually, with the government adding a 25% bonus to your contributions. This savings must be used for your first home or retirement, making it ideal for long-term planners aiming to maximise their deposit.
Help to Build: Custom Home Ownership
If building your own home is your dream, the Help to Build scheme can turn it into reality. By offering lower deposit requirements and a government-backed loan, this scheme supports aspiring self-builders in creating their custom homes.
Right to Buy and Acquire: Home Ownership Discounts
For those living in council or housing association properties, the Right to Buy and Right to Acquire schemes offer significant discounts, subject to eligibility. These options provide a direct route to owning your home at a reduced cost.
Exploring these schemes can make your home ownership dreams more achievable. At Bond Residential, we’re here to guide you through the process. Whether you’re looking for advice or ready to take the next step, we’re just a call away!
Image: Pixabay
Book a Valuation
Or call us today on
01245 500599