The Government has launched a new helpful website for anyone looking to buy a home, be they first time buyers or just looking to move.
Ownyourhome.gov.uk – which aims “to help hard working people who are looking to own their own home” – launched following a report by the British Social Attitudes Survey stating that 86 per cent of people have the ambition to own their own home.
However, with the rising costs of home ownership, it can be difficult to get on the housing ladder in the first place. There are various schemes which can assist and our team of residential lawyers and conveyancers are experienced in advising on such schemes and dealing with the legal technicalities.
The Government has high hopes of getting one million people into home ownership by 2020. According to the website, over 200,000 people have been helped by Government home buying initiatives since 2010.
The website has a handy tool so you can find out which Government backed scheme could help you. You can fill out a quick online tick box questionnaire and the suitable schemes will be displayed.
The schemes include:
- Help to Buy Equity Loan
- Help to Buy ISA
- Right to Buy
- Help to Buy Mortgage Guarantee
- Starter Homes
- Right to Acquire
- Preserved Right to Buy
- Shared Ownership
- HOLD – Home Ownership for People with Long-Term Disabilities
This isn’t a full list of what’s on offer so it’s best to check out the website yourself and see what you might be eligible for depending on your circumstances.
The site also includes a helpful section from the Money Advice Service about saving for a deposit, getting a mortgage, and a useful calculator to work out how much your mortgage repayments might be.
No matter which scheme you choose, if you choose one at all, it’s always important to get a property lawyer on board straight away when considering buying a property. They can help you through all the complicated legal parts of property purchasing and hopefully make it a pleasant and easy journey.
If you are planning to buy your own home as a first time buyer or as an experienced home owner, get in touch with the property team at Slater and Gordon. Call us on freephone 0800 223 0768 or contact us online and we will call you.