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The term ‘Help to Buy’ is thrown about quite freely these days with regard to buying property. Politicians usually adorn it with praise, while others have been doubtful of its benefits for various reasons or another. But what is it, and what benefits and drawbacks will it give anyone looking to get on the property ladder?
The Help to Buy scheme is a three-part scheme introduced by the government in early 2013 for first-time buyers. The three parts are Help to Buy: Shared ownership, Help to Buy: Equity loan and Help to Buy: ISA, and they are all limited to new build homes.
When you can’t afford the 100% mortgage of your home, shared ownership allows you to buy a share between 25% – 75% of the home and then pay rent on the remaining share you don’t own.
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This scheme helps you get a deposit for a property. The Government will give you a loan of up to 20% of the cost of the house, which will mean you only have to pay a 5% deposit and get a 75% mortgage. The loan is also interest free for 5 years.
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With this savings account, the Government will give you an extra 25% tax-free bonus on top of what you’ve saved. This is capped at £12,000 but this would mean you receive a whopping £3000 to use for the mortgage deposit!
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