Currently DevDosh Ltd heard that the government initiative The Help-To-Buy scheme is there to help citizens of the United Kingdom with property purchases, there are a number of ways in which the scheme can help.
Shared ownership- This allows people who cannot afford to purchase 100% of the property to buy a share of the UK property of between 25 percent and 75 percent of their chosen property.
You could buy a home through Help to Buy: Shared Ownership in England if:
Your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London.
You are the first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.
Equity Loan – Government lends you up to 20% of the cost of your newly built home, so you’ll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won’t be charged loan fees on the 20% loan for the first five years of owning your home.
Equity loans are available to first-time buyers as well as homeowners looking to move. The home you want to buy must be newly built with a price tag of up to £600,000.
You won’t be able to sublet this home or enter a part exchange deal on your old home. You must not own any other property at the time you buy your new home with a Help to Buy: Equity Loan.
Help-to-Buy ISA – If you are saving to buy your first home, save money into a Help to Buy: ISA and the Government will boost your savings by 25%. So, for every £200 you save, receive a government bonus of £50. The maximum government bonus you can receive is £3,000.
As far as DevDosh Ltd known, the qualify for a Help to Buy: ISA you must:
- Be 16 or over
- Have a valid National Insurance number
- Be a UK resident
- Be a first-time buyer, and not own a property anywhere in the world
- Not have another active cash ISA in the same tax year: If you have opened a cash ISA this tax year, you can open a Help to Buy: ISA but will have to take additional steps.
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