For many first-time buyers, stepping onto the property ladder can seem like a distant dream. But fear not! There are several government-backed schemes designed to make home ownership more accessible. Let's dive into some of the most popular options available.
Shared Ownership is a fantastic way to ease into home ownership. You can purchase a share of a property, typically between 25% and 75%, and pay rent on the rest. Over time, you can increase your share through "staircasing", making it possible to eventually own the entire property without needing a full deposit upfront.
The First Homes Scheme offers newly built homes at a discounted price to eligible first-time buyers. With discounts of at least 30% off the market value, this scheme helps reduce both the deposit required and monthly mortgage
costs, making it a win-win for new homeowners.
For disciplined savers, the Lifetime ISA (LISA) is a brilliant tool. It offers a 25% government bonus on savings up to a set annual limit, which can be used towards the deposit on your first property. It's an excellent way to boost your savings while working towards your home ownership goals.
If you dream of designing your own home, the Help to Build scheme supports individuals in funding the construction of a custom or self-build property. This opens up a route to home ownership that's tailored to your lifestyle and preferences.
Lastly, if you're living in a council or housing association property, you might be eligible for Right to Buy or Right to Acquire schemes, allowing you to purchase your home at a discounted
rate.
Understanding these options could make all the difference in owning your first home. Take the time to explore which scheme best suits your circumstances and long-term goals. And remember, if you need expert advice, we're here to help at Bond Residential. Happy house hunting!
Book a Valuation
Or call us today on
01245 500599