First-Time Buyers: Government Schemes Explained

Stepping onto the property ladder can feel like climbing a mountain, especially with the challenge of saving for a deposit amid rising house prices. But fear not, aspiring homeowners! The UK government has rolled out several schemes to help first-time buyers like you make that dream home a reality.

Shared Ownership is a fantastic starting point. It allows you to buy a share of a property, usually between 25% and 75%, while paying rent on the remainder. This lowers the initial costs, making it perfect for those who can't afford to buy outright just yet. As your financial situation improves, you can gradually increase your ownership.

The First Homes Scheme offers newly built homes at a discount of at least 30% off the market value. This discount stays with the property, benefiting future buyers as well. It's a clever way to make new-build homes more affordable.

For those who like to plan, the Lifetime ISA (LISA) is a savings product tailored for first-time buyers. Save up to a set amount annually and enjoy a 25% government bonus on your contributions. It's a solid option for long-term planners aiming for home ownership or retirement.

If you're dreaming of building your own home, the Help to Build scheme is your ticket. With lower deposit requirements and a government-backed loan, it offers a practical route to custom home ownership.

Lastly, if you're in a council or housing association property, the Right to Buy and Right to Acquire schemes might allow you to purchase your home at a significant discount.

Exploring these options could bring home ownership within closer reach. Remember, it's all about finding the scheme that suits your needs and taking that first step with confidence. And if you're looking for local expertise, we at Burnett's are here to guide you every step of the way!



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