The Government schemes that could help first-time buyers
Housing and Planning Minister Brandon Lewis tells Rightmove about the Government schemes that could help open the door to owning your home.
We want to ensure that anyone who works hard and aspires to own their own home has the opportunity to do so.
Especially since around 86% of people aspire to own their own home – according to the British Social Attitudes Survey.
Already more than 230,000 households have been helped into homeownership through Government-backed schemes since 2010, but we want to go further.
That is why we are launching the new Own Your Home campaign, so you can find out what Government support may be available to help you own a home of your own.
And I would urge anyone who believes ownership is out of reach to visit the Government’s Own Your Home website and take a second look. There is a wide range of support on offer.
As part of the campaign we’ll be launching online ‘how to’ videos giving simple tips to potential home buyers so keep an eye out for these.
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.
You can read more about these schemes here.
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.
Self Build Portal
Are you a budding interior designer or dream of building your own home? The Self Build Portal could empower you to make your dream a reality.
If you want to buy a home where you have a local connection, this scheme could help you do that with a 25%-50% discount.
There are also specialist schemes available for those serving in HM Armed Forces.
If you want to find out more details for any of the schemes listed, and others available to you, visit www.ownyourhome.gov.uk.