Time Buyers: New support to help first-time buyers into affordable home ownership is set to become a reality, following the Government’s assistance.
Time Buyers: All first time buyers with a household income of £60,000 per year or less will have the opportunity to apply to buy a share of a home, under a major expansion of the Government’s HomeBuy programme.
Currently the scheme is open only to key workers like nurses and teachers, social tenants, and some buyers identified as a priority regionally. But the new rules will mean that all first-time buyers will have the option to apply for the HomeBuy programme, for the first time. This allows buyers to purchase a share from 25 per cent of a property or to boost their purchasing power by up to 50 per cent with a shared equity mortgage.Caroline Flint, Housing Minister said,“Most families aspire to get onto the housing ladder, but are being priced out of the market. affordable homes for first time buyers We want to give them the support to help them buy an affordable home. The long-term solution to the challenge of affordability is to build more homes. But in the meantime, we are doing more by giving more first-time buyers the chance to boost their purchasing power and put their dream home within reach.” HomeBuy There are two shared equity products offered under Open Market HomeBuy, delivered in partnership with the private sector, which enable a buyer to purchase a property on the open market with the help of an equity loan.MyChoiceHomeBuy- an equity loan of between 15 per cent and 50 per cent of purchase price, provided in partnership with a consortium of eight Housing Associations named CHASE, which can be used in conjunction with any conventional mortgage.
For the First time buyer first home purchase knowledge and awareness is important – so take the time to do the research
Ownhome- an equity loan of between 20 per cent and 40 per cent of purchase price, provided in partnership with the Housing Association ‘Places For People And Cooperative Financial Services,’ which can be used in conjunction with any conventional mortgage.New build Homebuy- which allows first-time buyers to buy a share in a new build property (usually owned by an RSL) from 25 per cent, paying rent on the unowned share of the property.The equity loans can be used alongside a deposit and be repaid-in part or in full-or when the property is sold.
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