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Four schemes for first-time buyers
It’s not an easy time to be a first-time buyer, but there are various schemes that may help you take that first step onto the property ladder.
Sarah Clayton, Associate Director at LCF Residential outlines four solutions that have been developed to help people with different needs and circumstances.
First Homes scheme
The First Homes scheme offers first-time buyers 30-40% discounts on new-build homes. Some councils give priority to low-income individuals, local residents or key workers so be sure to check your eligibility.
Mortgage Guarantee scheme
The Mortgage Guarantee scheme enables first-time buyers to buy a home with as little as a 5% deposit and borrow the remaining 95%. If the buyer defaults on payments, the government will reimburse the mortgage lender.
Shared Ownership scheme
The Shared Ownership scheme allows individuals on a low income to buy a portion of the property and rent the remaining percentage. You can start by owning from as little as 10% and increase the amount whenever you're ready. You only have to pay the deposit required for the portion you buy.
Lifetime ISA
A Lifetime ISA tops up your savings by 25% when you save up to £4,000 each year, helping you save up for a deposit more quickly.
How can we help?
Our team at LCF Residential has extensive experience helping first-time buyers navigate the market and offers efficient, fixed-fee conveyancing services with a dedicated point of contact to guide you through the process.
Conveyancing costs vary and there may be additional charges associated with some of the schemes listed above such as those for new build properties, gifted deposits and Lifetime ISAs. We will inform you of this at the earliest opportunity and provide a clear estimate of those extra costs as part of a detailed breakdown of the services we will provide for you.
To discuss your needs or request a free, no-obligation quote, call Sarah Clayton on 03456 800 277 or email ku.oc1714392532.fcl@1714392532notya1714392532lcs1714392532.