The Government has created the Help to Buy scheme to help hard-working people like you take steps to buy your own home. Whether you want to get onto the housing ladder or move up it, Help to Buy makes it possible to buy a new-build or existing home priced up to £600,000 with as little as a 5% deposit.
Help to Buy: Equity Loan
If you want to own a new-build home in England, you could borrow 20% of the purchase price from the government. This means you would only need a 5% deposit as a 75% mortgage makes up the rest.
Help to Buy: Mortgage Guarantee
If you’re struggling to afford a higher deposit, you could buy a new-build or an older home anywhere in the UK with just a 5% deposit.
Help to Buy: ISA
If you’re saving towards your first home, a Help to Buy: ISA will boost your savings by 25% when you save up to £200 a month – for every £200 you save the Government will top it up with £50. The scheme launches on 1st December 2015.
Right to Buy
If you’re a council tenant in England the Right to Buy scheme could help you buy the home you rent with a discount of up to £77,900 (£103,900 in London). The site will allow currently eligible tenants to get in-depth information and allow housing association tenants’ to sign up for updates on changes that will result in them becoming eligible as early as next year to own their home.
If you’re a first-time buyer the upcoming Starter Homes scheme could help you buy a new-build home with a 20% discount. You can register your interest now.
If you can’t quite afford to buy 100% of a home, you could buy a share of your home instead and pay rent on the rest.
For more information on the Governments Schemes click here.