Page 5 - Your New Home May26 2017
P. 5

Foot on
the ladder:
These schemes
can help you
buy a home


You may be able to get financial help through a
government home ownership scheme if you live in
England and can’t afford to buy a home.

There are three types of home ownership schemes:                            household. If you are buying with a partner, you can therefore receive
G Help to Buy — equity loans. These are open to both first-time              a maximum combined bonus of £6,000 towards your new home.

     buyers and home movers on new build homes in England, with a              See the website for more information about all the schemes:
     purchase price of up to £600,000.                            

        You need to contribute at least five per cent of the property price
     as a deposit and the government will give you a loan for up to
     20 per cent of the price. You’ll need a mortgage of up to 75 per
     cent to cover the rest.
G Shared ownership, provided through housing associations. You
     buy a share of your home (25 to 75 per cent of its value) and pay
     rent on the remaining share.
G Help to Buy ISA.
     There are also Right to Buy and Right to Acquire schemes for
     council and housing association tenants.
     Help to Buy ISAs are aimed at first-time buyers only.
To qualify, the property you are buying must:
G be in the UK.
G cost up to £250,000 (or £450,000 if you are buying in London).
     Help to Buy ISAs are available from a range of banks and building
     societies and the government will boost your savings by 25 per
     cent for every £200 you save (ie a bonus of £50 for every £200),
     up to savings of £12,000 (qualifying you for a bonus of £3,000).
     Help to Buy ISAs are available to each first-time buyer, not each

ISLE OF WIGHT COUNTY PRESS Your New Home 2017                                                                                                       5
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