There is a wealth of financial help available for first time buyers, but do you know what you’re entitled to? If you’re looking to put your first foot on the property ladder, it can all seem a little overwhelming to say the least. We’re here to help! Here’s our whistle-stop tour of the Government incentives which you could benefit from.
Help to Buy
If you have 5 per cent of a deposit, you could benefit from Help to Buy. It assists first time buyers who have a small deposit through equity loans and mortgage guarantees. The latter is set to close to new loans at the end of 2016 but the former is open to those who want to purchase a new build home. The price must be no more than £600,000 but buyers can borrow 20% of the purchase price interest-free for the initial five years. The scheme will be available until 2021.
Help to Buy ISA
Saving for a deposit can be difficult but the Help to Buy ISA makes it a whole lot easier. With every £200 you save towards your new home, the Government will add another £50. You won’t pay a penny in tax on the money either! To qualify, you must be 16 or over, have a valid NI number, be a UK resident, a first time buyer and not have another active cash ISA in the same tax year.
Starter Home Initiative
This initiative is for first time buyers in England who are under the age of 40. It offers a 20% discount on new homes which are exempt from certain payments to local authorities. With only 100,000 of these homes up for grabs, not everyone who needs a home will be able to get one. However, you may be able to benefit.
If you’ve just bought a new home, did you benefit from a Government incentive. Tell us about it below or on our social channels.
[Image sourced from Flickr]
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