Whether you’re a first time buyer, home mover or ‘downsizer’ the prospect of moving house can feel quite daunting. With house prices maintaining a high level and the current economic uncertainly with Brexit looming, buyers can be put off the idea of buying a home, feeling that it’s likely to be unaffordable and therefore unachievable. Thankfully this is not the case!
HtBW makes new-build homes available to all home buyers (not just first time buyers) who wish to buy a new home, but may be constrained in doing so. Support of up to a maximum of 20% of the purchase price is available to buyers through a shared equity loan funded by HtBW, while buyers are required to provide a deposit of a minimum of 5% of the purchase price. The remaining balance on the property would be funded with a mortgage.
Shared Ownership makes it possible for you to buy a home that otherwise may not have been affordable. It is a Welsh Government supported scheme for people who are unable to afford to buy a home at the full market value (noting that household income limits apply). It is a part buy/part rent scheme, which means you buy a share in the home and pay rent on the remaining share you do not own.
It is worth seeking independent financial advice to establish which (if any) scheme might be suitable to help you move. Both schemes are subject to specific terms, conditions and eligibility criteria. Any purchase will require you to have a deposit ready (be that cash in the bank as a first time buyer or equity in a home you already own) and have money aside to cover all the associated moving costs and fees. But don’t let that put you off! These schemes can make a huge difference to the properties you are able to afford and may help you move sooner than you think!
If you have any questions about either of these schemes or either of our developments then give us a call on 0333 7000 733.
Here is a link with an illustrative example of HtBW on one of our properties – The Poppit. The Poppit – an example