If you are aware in any capacity of the reputation of London properties you’ll be aware they’re pretty pricey. And while it seems buying any home bigger than a shoebox in London is simply not a possibility for the first time buyer, new schemes that have hit the property market are beginning to change that. Whether you want to get on the property ladder this year, or you just want the reassurance that it can be something obtainable in the future, checking out what schemes are out there for first time buyers could be your answer.
Help to Buy
This scheme basically does what it says on the tin. Help to Buy allows you to buy a home with a bit of extra help and in London the deal is even better. Help to Buy involves providing you with an equity loan on 40% of the property that you pay no interest on for 5 years. And what’s even better is you only have to pay a 5% deposit meaning you cut the saving in half and the stress. Help to Buy is open on many homes across the country including those in London but outside of London the equity loan is half of that of London’s. It also depends on the total cost of the house whether or not you can buy your home through the scheme and this changes from region to region. In London this price cap is £400,000, the highest in the UK, in line with the high prices on the market and even more a reason to take advantage of it. You can find plenty more information on Help to Buy and properties that offer it on keaze.com with a helpful q&a section to help with any queries.
This scheme is great if you’re looking to get on the property ladder sooner rather than later but just don’t quite have the funds yet. Shared Ownership allows you to buy a share in your property and rent the rest at a low cost. The best part about shared ownership is the fact you only put a deposit on the portion of the share you want to own, making that upfront cost a lot easier. Shared Ownership also means you only obtain a mortgage for that share, so if your credit score isn’t in the shape you want it to be – not to worry. Shared Ownership allows you to buy between 25% and 75% of the property and you can buy more of this over time meaning you can just buy your home at your own pace in your own time. These homes are all new properties with high spec interiors and in highly desirable areas from commuter towns like shared ownership Ebbsfleet to swanky apartments with shared ownership West London. Shared Ownership London is a great way to get on the property ladder in the capital without it breaking the bank.
Stamp Duty Holiday
For this you’ll have to be quick. Stamp Duty is a tax you pay on the land of your home when you buy a property this can be up to £15,000 on a home under £500,000, but until June 31st you won’t have to pay any stamp duty at all. This is essential to saving some money, with all properties under £500,000 exempt from the tax. And with help to buy and shared ownership homes included don’t miss out and start your house hunting today.