Unlock Your Dream: First-Time Buyer Schemes

Getting on the property ladder can seem daunting for first-time buyers, but fear not! The government offers several schemes to make home ownership more attainable. Let’s explore some of the most popular options that could turn your home-owning dreams into reality.

Shared Ownership

This scheme allows you to purchase a share of a property—typically between 25% and 75%—while paying rent on the remaining portion. Over time, you can increase your ownership through "staircasing". Shared Ownership is an excellent way to enter the housing market without needing a full deposit for the entire property value.

First Homes Scheme

The First Homes scheme offers newly built homes at discounted prices, usually at least 30% off the market value, to eligible first-time buyers. This not only reduces the deposit needed but also lowers monthly mortgage costs, making it a fantastic option for budget-conscious buyers.

Lifetime ISA (LISA)

The Lifetime ISA is a savings account designed to help you save for your first home. It offers a 25% government bonus on savings up to a set annual limit. This can be a powerful tool for disciplined savers looking to boost their deposit fund.

Help to Build

For those aspiring to build their dream home, the Help to Build scheme supports funding for custom or self-build properties. It’s a unique route to home ownership, allowing you to tailor your home to your lifestyle and preferences.

Right to Buy and Right to Acquire

If you’re living in a council or housing association property, these schemes offer the opportunity to purchase your home at a discounted rate.

Understanding these schemes can make all the difference in achieving home ownership. Take the time to explore which option aligns with your circumstances and long-term goals. And if you need guidance, we at Burnett's are here to help you navigate the property market with confidence.