For many first-time buyers, stepping onto the property ladder can seem daunting.
However, several government-backed schemes are designed to make home ownership more attainable.
Here's a breakdown of some popular options available to help you secure your first home.
Shared Ownership
Shared Ownership allows you to purchase a share of a property, typically between 25% and 75%, while paying rent on the remaining portion. Over time, you can increase your ownership share through a process known as "staircasing". This scheme offers a practical way to enter the property market without needing a full deposit for the entire property value.
First Homes Scheme
The First Homes scheme provides newly built homes at a discounted price to eligible first-time buyers. These discounts are usually at least 30% off the market value, which helps reduce both the deposit required and monthly mortgage costs, making home ownership more affordable.
Lifetime ISA (LISA)
The Lifetime ISA is designed to assist you in saving for your first home. It offers a 25% government bonus on savings up to a set annual limit. The funds can be used towards the deposit on your first property, making it an excellent tool for disciplined savers.
Help to Build
For those dreaming of designing their own home, Help to Build supports funding the construction of a custom or self-build property. This scheme provides a pathway to home ownership tailored to your lifestyle and preferences.
Right to Buy and Right to Acquire
If you're living in a council or housing association property, you may be eligible to purchase your home at a discounted rate through the Right to Buy or Right to Acquire schemes.
Understanding these options could be pivotal in achieving home ownership.
Take the time to explore which scheme aligns best with your circumstances and long-term goals.
At Fine & Country Teddington & Hampton, we are here to guide you through the process, ensuring you make informed decisions on your journey to owning your first home.