THE Help To Buy scheme offers a way for Brits to get on the property ladder by reducing the amount of cash they need to stump up for a deposit to buy a home. Here's everything you need to know about the government's scheme to help first-time buyers. What are Help To Buy schemes? Do I qualify? Help To Buy is a government scheme designed to help people get on the property ladder without the need for the large, up-front deposit which puts most young buyers off. It consists of Help To Buy equity loans and Help To Buy ISAs, both designed to offer first-time buyers a way to make their deposit more affordable. Which? reports that to qualify, you must: Have a deposit of at least five per cent Be looking to buy a home worth £600,000 or less (this limit changes for Help To Buy ISAs) Be purchasing a property you intend to live in most of the time How do Help To Buy equity loans work? One of the most popular ways to get a foot on the housing ladder, Help To Buy equity loans can be used … [Read more...] about What’s the Help To Buy scheme, why might it be scrapped, how do the government ISAs and Equity Loans work and do first-time UK buyers get dibs?
Best loans for first time home buyers
YORKSHIRE Building Society has launched a new range of super-low mortgage deals - but you'll only be able to get them if you've got a Help To Buy ISA. YBS has launched four new deals for first-time buyers and two of them are the best deals out there. There are two two-year deals and two five-year offers but not all of them will leave you with more cash in your wallet. All you need is either a five per cent or 10 per cent deposit, although you'll need to pass all the correct credit checks too. You'll have to use the cash from your Help To Buy ISA though, which is the government scheme that gives first time buyers a 25 per cent bonus on top of their savings up to £12,000. So unfortunately, if your stumping up the cash from an ordinary savings account then you won't be able to get the deals. Plus, there's a £495 fee on all of the deals too that you need to take into account. We asked the boffins over at MoneyFacts.co.uk to check out the deals and see if they are any good - and … [Read more...] about Yorkshire Building Society launches two new best-buy mortgages for first-time buyers
Keen to get on to the property ladder but unable to see how you can manage it without help? New mortgage products allow your family members to give you a leg up without gifting away their life savings, while developers are offering a range of incentives to hold down your moving costs. We’ve rounded up some of the latest offers. The average millennial has just £3,359 in accessible savings. That’s less than a tenth of the £51,821 deposit put down by the average first-time buyer, according to the Office for National Statistics. Everything you need to know when buying your first home 22 show all Everything you need to know when buying your first home 1/22 Before you can envisage settling into your first property, here's the nitty-gritty of what you need to know. Getty Images/Image Source 2/22 Dancer Matt Holland, 27, and Scott Jones, 30, an actor, say they couldn’t have got on to the property ladder without the Government’s 'Help to Buy' … [Read more...] about the Family Springboard mortgage is just one option for first-time buyers with a low deposit
AVAILABILITY AND LOCATION Help to Buy: developers are increasingly adopting Help to Buy to shift homes, particularly in outer London boroughs. The scheme, five years old this month, has so far doled out more than £1 billion in equity loans to London homebuyers. Latest data flags up West Wickham, near Croydon, as a Help to Buy hotspot. Some 85 per cent of the new homes sold there in the last two years went to buyers bolstered by a 40 per cent Government equity loan. “You are likely to have bought in a wholly private block,” says David Galman, sales director of Galliard Homes. “When you are coming to sell you will find this easier than if you are in a shared-ownership block, because there is still a bit of a stigma there.” Shared ownership: fewer than 7,000 affordable homes were completed across London in the last year, official Government figures show, with more than a third of boroughs offering fewer than 100. Read more Why Help to Buy scheme’s … [Read more...] about Help to Buy or shared ownership in London — the pros and cons for first time buyers
THE dream of owning a home is becoming increasingly remote for millions of young Brits. And that's not surprising when you think first-time buyers now have to fork-out nearly £50,000 for a deposit to get their foot on the first rung of the property ladder. But what if there was a way wannabe buyers could buy their own home without having to scrimp and save for that deposit? A decade ago, borrowers were able to take advantage of lots offers that meant they didn't need to stump up any money before getting their mortgage. But are these offers still around now? And are they worth looking at if you're desperate to get your first home but can't get enough money together?What are no deposit mortgages? When you're mortgage shopping, you'll see something called Loan to Value (LTV). This is simply the percentage amount of the property that is mortgages and the amount that is owned by you. So for example, if you're buying a home worth £100,000 and have a 10 per cent deposit saved … [Read more...] about What are no deposit mortgages, which lenders offer them and can first time buyers apply?