For many first-time buyers, stepping onto the property ladder can seem daunting. But fear not! There are several government-backed schemes designed to make home ownership more accessibl. Let’s explore some of the most popular options available to help you find the perfect fit for your needs.

Shared Ownership
This scheme allows you to purchase a share of a property, typically between 25% and 75%, while paying rent on the remaining portion. Over time, you can increase your ownership through a process known as "staircasing". It's a fantastic way to enter the property market without needing a full deposit for the entire property value.

First Homes Scheme
The First Homes scheme offers newly built homes at a discounted price to eligible first-time buyers. With discounts of at least 30% off the market value, this scheme helps reduce both the deposit required and monthly mortgage costs, making home ownership more attainable.

Lifetime ISA (LISA)
The Lifetime ISA is a savings account designed to help you save for your first home. It offers a 25% government bonus on savings up to a set annual limit. The funds can be used towards your deposit, making it an excellent tool for disciplined savers.

Help to Build
If you dream of designing your own home, the Help to Build scheme supports funding for custom or self-build properties. This option allows you to create a home tailored to your lifestyle and preferences.

Right to Buy and Right to Acquire
For those living in council or housing association properties, these schemes offer the opportunity to purchase your home at a discounted rate.

Understanding these options could be the key to unlocking your first home. Explore which scheme aligns with your circumstances and long-term goals. For guidance and support, consider reaching out to us at Maddisons Residential. We're here to help you every step of the way!

 

 

 

If you need advice and help on buying or selling a property, please contact us to speak with one of our award-winning team who will be able to help you.