The Help to Buy and Shared Ownership Government Schemes were introduced to help both first time buyers and previous home owners to get onto the housing ladder. The schemes provide much-needed additional financial assistance for the home buyer struggling to find sufficient deposit for their purchase.
The shared ownership and Help to Buy schemes are only available through recognised and authorised agents. Mortgage Required is delighted to announce that we are now able to offer our clients mortgages for both schemes as approved Help to Buy mortgage advisers.
The eligibility criteria for each scheme varies but in simple terms, if you have owned a property before (which you have now sold) or you’re a first time buyer, then one of these schemes might well be for you. If you are looking for a Help to Buy Loan you’ll need a minimum deposit of 5%.
If the home you want to buy is too expensive to afford outright, you might consider buying a part of the home through the Government’s shared ownership programme. Unlike the Help to Buy equity loan scheme, the shared ownership scheme is not limited to qualifying new build homes and it is open to home buyers with a joint household income of up to £80,000 outside London and £90,000 inside London.
If you are over 55 don’t worry, there is now a shared ownership scheme for you too. Unlike the general shared ownership scheme which requires the buyer to pay a rent on the part of the home that isn’t theirs, the Older People’s Shared Ownership Scheme offers buyers a rent free option on that element of their home!
For more details on the various Government Schemes available through Mortgage Required contact us or speak to a mortgage adviser on 01628 507477.
Related Articles:
Related Products:
Download our Free First Time Buyers Guide
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
