Areas of the country have seen soaring house prices in the last couple of years, partly due to the demand from Landlords looking for property investment, fuelled by demand from the private rental sector. Properties at the bottom end of the housing ladder have been snapped up by these landlords, at the expense of First Time Buyers.
The Government has launched an “Own your Home Campaign” offering various initiatives to help people onto the property ladder.
1st December 2015 sees the launch of the government’s Help to Buy ISA scheme for first-time buyers.
Although it doesn’t help anyone buying today, Help to Buy ISAs are a no-brainer if you're saving your deposit for your first home. It's basically a tax-free savings account, in which the Government adds another 25% on top of whatever you've saved. Free money from the Government!! And if there are two of you buying together, both qualify! You can save up to £1,200 in the first month, then up to £200, or whatever you can afford a month after that. (The government’s bonus is sent to your solicitor when you buy your home). Most of the banks and building societies will be offering H2B ISA'S, so it’s a good idea to shop around for the best rate.
Help to Buy ISA can be used for any property costing under £250,000 (£450,000 in London), and unlike other recent schemes, doesn’t have to be used to buy a “new build” home.
It became clear that the government has decided to attack the problem from both sides, when the chancellor announced changes to stamp duty on Buy to Let properties in his autumn statement.
For more information speak to a mortgage adviser on 01628 507477.
Recent posts
We look at why mortgage rates increased following the Bank of England's choice to reduce the bank rate, and should you fix now?
UK 2024 Autumn Budget: Housing
21 days ago
On 30th October 2024 the Chancellor, Rachel Reeves delivered the Autumn budget which we had previously been warned would be “difficult”. Below we have summarised the main housing points.
Talking about money with kids
28 days ago
In an increasingly cashless society, money is an intangible concept for children to grasp. In the days of coins and notes, kids could see money as something physical you require to purchase goods and services.
In order to help teach your children about money, we have listed some tips below;
Labour Autumn Budget Predictions: Housing
18 Oct 2024
The UK’s chancellor, Rachel Reeves will deliver the Labour government’s autumn budget at the end of the month, we take a look at what could be announced in relation to housing.
Recent research from Halifax has revealed the most sought-after locations for first time buyers in Britain.
The data which was taken from the Halifax House Price Index looked at areas outside of London where those looking to purchase their first property were buying. Despite high property prices and increased rates, these first time buyer hotspots have remained popular.
How can I look after my mental health?
7 Oct 2024
Taking care of your mental health means looking after your emotional, psychological, and social wellbeing. There are several ways we can practice self-care that will help to improve our physical and mental health. This can help to reduce our risk of illness, manage stress, and boost our energy levels!
First Time Buyer to do List
4 Oct 2024
Buying your first home is very exciting but it can also be very daunting which is why we have set out a “to do list” to help you get started.
Bank of England Holds Base Rate at 5%
20 Sep 2024
With UK inflation remaining at 2.2% which is slightly above the Bank of England’s 2% target, the decision was made on Thursday 19th September to keep the base rate at 5%.
More information
Trusted by
