If you’re a first-time buyer 2020 might have been a bit of a rough year but with many housing opportunities opening up in 2021 there is still plenty to look forward to.
Not only have the UK government pulled out new schemes to help first-time buyers get onto the property ladder, there are also other schemes still running that are quickly gaining popularity.
Buying a home isn’t just about putting a deposit down and getting a mortgage anymore, there are plenty of ways to make getting on the property ladder a lot easier and here are just a few that might suit you.
Help to Buy
If you haven’t already delved into the world of help to buy or have a friend or family member that has then it could be well worth looking into! Help to Buy allows you to borrow a government equity loan with zero-interest for the first 5 years on buying your home.
You also only have to put down a 5% deposit which definitely takes the pressure off the toughest stage of buying a home. The government equity loan allows you to borrow up to 20% of the value of the home and 40% in London meaning you will only have to take out a mortgage for 75% of the value of the property.
Help to Buy is a scheme that varies in eligibility across the UK from 2021 so in areas like the South East you can take out this help to buy loan on a property worth up to £437,000 and in the North West this limit is £224,000.
So you can get a home big enough to fit all your family in and not have to worry too much about the cost. If you’re not sure quite where to start when it comes to help to buy Keaze.com is a great place to begin your search.
Their search engine automatically only shows you what suits your budget, preferences and needs. They also have a super simple step by step process right from picking your perfect home to getting the keys so you won’t have to do all the leg work by yourself.
This government scheme has been around quite sometime but year on year it becomes ever more popular especially in places like London where buying a home can seem like a far off dream or even a miracle.
Shared Ownership allows you to part buy part rent a home and this means not only do you pay a considerably smaller deposit but you also only have to fork out for a fraction of the mortgage you may be expecting to face.
You can begin by purchasing between 25% and 75% and often buy more over time so you are essentially moving up the property ladder without moving anywhere at all.
And in places like London where prices seem to rise exponentially this could be a great idea especially if you’re a city commuter and what to shorten the trip to the office or you simply want a slice of the London property investor pie.
Shared Ownership is another opportunity offered by Keaze.com and with their helpful FaQs page offering all you need to know about what is shared ownership this online property portal is a great place to start.
Stamp Duty Holiday
Now this is certainly something you want to be jumping on before the deadline of the end of June. Stamp Duty is something everyone pays for on buying a home. It can often be pricey and after all your saving for a deposit forking out an extra £12,000 for stamp duty land tax is just not what anyone needs.
Luckily the chancellor has offered buyers a stamp duty holiday from June 2020 to March 2021, but this has been extended to June 2021 to give the property market that boost it needs and get many house hunting hopefuls on their way to moving in getting settled.
A great opportunity that certainly shouldn’t be missed, definitely keep this in mind this year when looking for your perfect property!