If you can’t afford a property, maybe you are being too ambitious in your choice of home. If you own one already, perhaps you could extend it if space is the reason for moving. If you don’t own anywhere, there are various schemes to encourage first-time buyers into the market, depending on the criteria you fit into.
The Home and Communities Agency
The Homes and Communities Agency funds a scheme called HomeBuy. It has affordable home ownership products to help first-time buyer in particular. These schemes can change regularly, so it is important to check what is available now and in your area.
If you are currently a social rented tenant, then you may be eligible for other schemes.
New Build HomeBuy
This allows you to buy between 25 and 75 per cent of a new build property. You would then pay rent on the share that you don’t own to a housing association. Over time, you can usually by additional shares as they become available, through to 100 per cent ownership.
HomeBuy Direct
This scheme is for selected new build properties to enable them to be bought direct from the developer with a top-up loan. Buyers need to be able to afford at least 70 per cent of the property’s value and this is funded via a deposit and a conventional mortgage. The other 30 per cent funding is purchased with an additional loan, which is fee free for the first five years of ownership.
If you want to find out if you are eligible for any HomeBuy schemes, contact your local HomeBuy agent. These are the Government’s appointed one-stop shops for applications and information.
