There are several different products available under the Government’s Help to Buy scheme which could help you to buy your own home.
If you cannot afford to purchase a property outright, the shared ownership scheme enables you to buy an initial share of your home (between 25% and 75% of the property value) and pay rent on the remaining share. You will need to take out a mortgage to pay for your share of the property’s purchase price.
When you can afford to do so, you can purchase an increased share in your home in the future.
Shared ownership schemes are provided through registered providers (housing associations). They are available to first-time buyers and those who used to own a home but can’t afford to buy one now.
For more information, or to apply for shared ownership, please contact Help to Buy East and South East.
The Help To Buy Equity Loan scheme is open to first-time buyers and home movers looking to purchase a new build property. The government will give you a loan for up to 20% of the property price: you will need to contribute at least 5% of the price as a deposit and be able to secure a mortgage of up to 75% to cover the rest.
For more information, or to apply, contact Help to Buy East and South East.
This scheme helps first time buyers and home movers to buy a home with a deposit of just 5% of the purchase price.
You will need to apply direct with one of the lenders taking part in this scheme. Further information is available from the gov.uk website.
Help to Buy ISA
First time buyers saving money into a Help to Buy ISA will benefit from a Government boost to their savings of 25%. So for every £200 saved, the Government contributes £50, up to a maximum contribution of £3,000.
You will need to apply direct to one of the banks or building societies offering the Help to Buy ISA. Further information is available from the gov.uk website.