A List of the Top Government Programmes and Schemes for Home Buyers

Climbing up the property ladder is not always easy – in fact, in some cases it seems pretty hard, especially if you feel you haven’t been able to prepare financially over the past years. Once you’ve made the decision, however, there’s nothing that should stand in your way to accomplish your dreams. And here’s the good news: there’s help available.

There are several government schemes that may be available for you to help you buy your property. Whatever it is you are struggling with (small deposit, lower available monthly allowed payments), you may find a solution by investigating what the government has in mind. Want to buy a home but are unsure of how to go about it? Here’s a list of the top government programmes and schemes for home buyers.

Help to Buy

If you’re struggling because you only have a small deposit to offer, the following might be appropriate for you:

  • The equity loan scheme – This scheme is available to first-time applicants (first-time owners) who want to build a new house. There are some limits when it comes to the budget (the house should not be worth more than £600,000). You would be able to borrow 20% of the value interest-free, to be used as deposit. If you live in London, this percentage could go up to 40%.
  • The mortgage guaranteed scheme – this is available to both new and older properties, and ensures that the mortgage you apply for with the mortgage lender is guaranteed by the government should something untoward happen.

Right to buy

Right to buy is a scheme for people who rent property from a local council, and decide to buy the property after a while. Applicants must apply and qualify, and will get a discounted price to the property they were renting.

Shared ownership

This scheme allows you to buy a share of the property, and hence have part ownership. You can choose to buy a larger share in the future, up to 100%, should you decide to later on.

The starter home scheme

Great for starters: get 20% off of a home, for buyers under 40 only. The government has placed 200,000 newly built homes available for this.

It’s not easy to buy a home nowadays – it does require a lot of work. However, there is help; the government understands that it’s best to have a large number of individual owners. We need a strong middle class, after all, and this leads to a strong country and a strong economy. If you want to buy a home, make sure you check out the government assistance programmes. They’re there for a reason, after all. You can also get advice from professionals if you want to make the right decision – preferably a mortgage advisor who can also assist you with your insurance and protection needs, as these often go together when you purchase property.

Image courtesy of Vichaya Kiatying-Angsulee/FreeDigitalPhotos.net