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Home » Latest News » Local conveyancing expert advises first-time buyers at Lincolnshire ‘Help to buy Roadshow’

Local conveyancing expert advises first-time buyers at Lincolnshire ‘Help to buy Roadshow’

Local conveyancing expert advises first-time buyers at Lincolnshire ‘Help to buy Roadshow’

Bridge McFarland’s Michelle Braford was in attendance at the Government backed ‘Help To Buy Roadshow’ held in Lincoln’s Bailgate area – the roadshow has been touring the country to offer advice to first time buyers.

In attendance were several different housing developers keen to interest attendees in their new housing developments, mortgage lenders and the government’s advisors explaining how the different savings schemes work.

There are several routes available for people who want to buy a home through the ‘Help to Buy’ scheme. The government have recently closed down their previous ‘mortgage guarantor’ scheme and replaced it with an equity loan offer, so now the main three ways in which Help To Buy could help you buy a home are:

  • The Help To Buy ISA – this scheme allows first time buyers save up to £12,000 tax-free provided it’s for a deposit – the government will reward savings with a 25% increase up to the value of £3,000 – this means that if you manage to save £12,000 the government will top it up to £15,000 giving first time buyers a boost.
  • Shared Ownership Schemes – Increasingly popular are the governments shared ownership schemes aimed at those who aren’t able to secure a mortgage on 100% of a home, and opt to buy between 25-75% instead. This is an option for first time buyers who earn under £80,000 per annum (or £90,000 for those living in London), you have a normal mortgage on a percentage of the property, and you pay rent on the remaining percentage. There is the option to buy more of the house in the future with the ultimate aim being that people will be able to own their own homes outright.
  • The Equity Loan Scheme – This scheme allows for people to buy a brand new property using a 5% mortgage scheme, the government will lend up to 20% of a properties value so that you will only need to secure a mortgage for 75% of a properties value; this equity loan is interest-free for five years.

Michelle Bradford was pleased to be able to offer free and friendly advice those who attended the event, her team have a lot of experience handling help to buy cases.