In May 2020 the government concluded a consultation on their proposed New First Homes Scheme or ‘Starter Home Scheme’ which was proposed as a way to assist first-time buyers to purchase a new home at 30% discount to open market value.
The First Home Scheme, aimed at first-time buyers, key workers and veterans looking to buy a new-build home.
The idea behind the Starter Home Scheme, which first appeared during last year’s election, is to help local people to afford property in areas where they would otherwise be priced out of the market. The scheme will be funded by developers in much the same way as affordable homes have previously been provided under S106 planning agreements. The idea though is that key workers, first-time buyers and veterans be prioritised and that whenever the property is sold on the 30% discount on market value will remain, keeping properties in the market at a 30% discount to the open market value.
The purchase of such properties will, it is proposed, be funded using deposits and standard mortgage products, as with other properties.
Research from buy-to-let lender, Landbay, shows that UK landlords are looking at raising rents ahead of the Renters' Rights Bill which is due to come into force this year.
Data shows landlords could miss out on green mortgages due to expired energy performance certificates.
Buying a house is a big deal, and where you are planning to buy will make a difference financially. In this short blog, we look at the most affordable and most expensive areas and how much you need to be earning to buy in there.
15 days ago
Equity release is a type of mortgage that allows homeowners 55 and over to access money from their property's equity without having to leave their home. This is done by securing a loan against the house which is usually repaid by selling the property when the borrower passes away or has to move into long-term care.
16 days ago
It’s important to ask questions about the property you are interested in before taking that step to make an offer. A little probing can make all the difference between buying your dream house or something that requires a lot of work.
19 days ago
There are millions of homeowners over the age of 60 who are likely to release money from their homes to pay for their lifestyle during retirement giving those who are 'asset rich but cash poor' a way to live out their retirement the way they wish.
26 days ago
The average age of a first-time buyer in the UK is two years older than 10 years ago. This is understandable with managing the cost-of-living and challenges within the economy such as high interest rates making it difficult to get onto the property ladder.
28 days ago
Skipton Building Society launches ‘Delayed Start’ mortgage meaning first time buyers won’t be required to make repayments for the first three months.
According to a survey by Skipton, first time buyers who bought their home in the last five years found that in the first three months of living there, they were spending upwards of £30,000.