Get Britain Building scheme
This week the government announced details of a £400m 'Get Britain Building' scheme to 'unlock' the construction of up to 16,000 new homes and also to pledged to assist First Time Buyers in obtaining mortgages.
There are already a number of schemes in existence to help First Time Buyers including the government backed First Buy Scheme for new homes and the Home Buy Direct Scheme. Details of the schemes can be found on the website of South West Homes.
In short the First Buy Scheme is specifically for new build properties and is an affordable housing deposit assistance scheme from the Homes and Communities Agency, working in partnership with house builders. You purchase 100% of the property but initially only pay for 80%, the remaining 20% takes the form of an equity loan. Many developers also have their own similar schemes.
The Home Buy Direct is a shared ownership scheme. Under shared ownership you only own a certain percentage of the property with a rent being paid for the remaining share. There is some limited availability for the Home Buy Direct equity loan scheme which is similar to the First Buy Scheme that has taken over from this previous one.
There is also a Rent to Home Buy option where you initially rent the property with a view to purchasing it at a later stage.
Wards Solicitors in Staple Hill are on the panel of solicitors for South West Homes and deal with these schemes daily. If you would like further information then please contact Liz Pople or at our Staple Hill Office.