There are a range of Government Incentives available to those who ‘qualify’. It’s easy to get confused between the different schemes, so below he have broken down the current ones.
Shared Ownership
This scheme involves buying a percentage share of a property, while the rest is usually owned by a Housing Association.
If you buy a 50% share by paying a deposit and taking out a mortgage, you will then pay rent on the remaining 50%.
Once you are an owner you will be able to purchase additional shares in the property. This is known as ‘Staircasing’.
Stamp Duty will still be payable, but with Shared Ownership there are different options available on when and how you would like to pay.
for more information click here to be taken to the Government’s Shared Ownership webpage.
Forces Help to Buy
The Forces Help to Buy scheme works differently. It is for Armed Forces servicemen and servicewomen who are first time buyers, if they have to relocate or their family circumstances change.
Service personnel are able to borrow a deposit at the equivalent of 50% of their annual salary, interest free (up to a maximum of £25k).
There is a lot of information on the government website regarding this scheme. Click here to be taken to their webpage for more information.
Right to Buy
Right to Buy may be an option for you if you have lived in your council house as a tenant for a specific amount of time, usually 3 years.
Depending on your circumstances, you may also be given a discount on the purchase price of the property you wish to purchase.
As with all government schemes, there are many variables involved, and rules change according to different local authorities.
Click here to be taken to the government webpage on Right to Buy for more information and guidance.