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Help to Buy and Shared Ownership

Help to Buy

If you’re looking to buy a newly-built home, the government’s Help to Buy scheme could help to make it much more affordable as you’d need just a 5% deposit – whether you’re a first-time buyer or moving home.

Under the scheme the Government gives you an equity loan of up to 20% of the cost of your new home, with you providing a 5% cash deposit and arranging a 75% mortgage to make up the rest. If you’re in Greater London the Government will lend up to 40%, while in Scotland they’ll lend you up to 15%.

For the first five years of you owning your home you won’t be charged interest on the 20% equity loan, and we can help you find the right mortgage for the rest. Simply contact the Franklyn team and we’ll guide you through the details of Help to Buy and discuss what type of mortgage would be best for you.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Shared Ownership

Alternatively, you might want to look at shared ownership schemes. In this case, you would buy a share of a property (typically between 25% and 75%) and pay rent on the remaining amount. Later on, if you can afford to, you may purchase further shares in the property (known as ‘staircasing’). You would still need to raise a deposit for your share of the property (typically 10%) although, generally you would be borrowing less.

You could buy a home through 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 a first-time buyer
  • You used to own a home but can’t afford to buy one now
  • You are an existing shared ownership looking to move

With shared ownership, you can either buy a newly built home or an existing property, available via housing associations. It is important to remember that shared ownership properties are always leasehold.

Both of these schemes are subject to and acceptable application via your local Help to Buy Office or housing association. Our advisers can provide assistance with this part of the application process.

Source: https://www.helptobuy.gov.uk/

Your home may be repossessed if you do not keep up repayments on your mortgage.

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Registered Office: St. James’s House, 4-5 John Bradshaw Court, Alexandria Way, Congleton, Cheshire, CW12 1LB, England.

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