If you are looking to buy a property, but need a helping hand, the Government offers a range of incentives for both first time buyers and existing homeowners. The schemes outlined below include the Government’s recently launched Help to Buy schemes, which help those with a small deposit access more affordable mortgages.
Help to Buy is a Government-backed scheme aimed at helping homebuyers with only a 5 per cent deposit to get a mortgage. The scheme has two phases and both are open to first time buyers and existing homeowners.
Shared ownership is a form of low cost home ownership that combines renting with buying and is available through housing associations.
The NewBuy scheme helps first-time buyers as well as existing homeowners to borrow up to 95 per cent of the value of a new build property.