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Help to Buy was introduced in the 2010’s, off the back of the UK government’ previous FirstBuy Scheme. With a series of pre-existing and new schemes placed under that banner, it was designed to help first time buyers get onto the property ladder.
Over the years we have seen schemes under this banner disappear, whilst others have carried on without that branding. The most popular and well-known of these was the Help to Buy Equity Loan Scheme, which was closed to new applicants towards the end of 2022.
What this means is that first time buyers in Leicester are no longer able to use a Help to Buy in Leicester or anywhere in the UK, though this doesn’t necessarily mean that support for home buyers has ended. There are still a variety of schemes that can help to buy in Leicester!
Shared Ownership, you will pay a mortgage on the share that you own, then pay rent on the remaining share. You will pay rent to the housing association linked with the property. The percentage of the property that you buy usually has to be between 25%-75% of the property, though this can be different. The lower your percentage share is, the lower your mortgage and your deposit is likely to be.
Further down the line, if you have the funds, you can opt to buy the remainder of the property if the housing association let you. People usually do this once they are settled in, have a higher income or even once their share has been paid off.
To access the shared ownership scheme, you have to meet its criteria:
For further Shared Ownership Mortgage Advice in Leicester, make sure to get in touch with our experienced Mortgage Advisors in Leicester, we will be more than happy to explain the scheme for you and see whether you qualify for it or not.
The scheme is very helpful if you can qualify for it; it can allow you to borrow up to 50% of your annual salary, with the total being capped at £25,000. This amount that you have borrowed can be used for your deposit or other fees that come with buying a home, such as solicitor’s and estate agent’s fees.
You can access the scheme if:
If you meet the scheme’s criteria, you can apply for it through the Joint Personnel Administration System or seek Mortgage Advice in Leicester on how to apply for it.
As a Mortgage Broker in Leicester, we can help explain this scheme for you in full, and tell you whether or not you’ll be able to access this scheme. They will sort everything out for you, making your mortgage experience stress-free and simple.
When applying for this scheme, you should know that you will still have to prepare documents to aid your application. Our team of mortgage advisors in Leicester can help you get prepared for this so that you are mortgage ready!
he Lifetime ISA lets you put money into an interest-free savings account, the maximum amount of money that you can add to ISA each year is £4,000. Every year, the government will top up your savings with a bonus of 25% of whatever you’ve saved.
Focusing on using the Lifetime ISA towards the purchase of your first home, you must know that in order to take money out of the ISA, you must have had the ISA account for at least 12 months. Here is the criteria for when you want to use your Lifetime ISA savings to buy your first property as First Time Buyer in Leicester:
If you withdraw funds from your Lifetime ISA for an unauthorised reason, you will be charged a withdrawal charge. This charge is usually around 20-25% of the savings.
The Lifetime ISA (independent savings account) is a great addition to the government-led mortgage schemes. In theory, it’s not really a scheme, it’s an independent savings account that builds up overtime through help from the governement. These funds can help you purchase your first home.
The Lifetime ISA is not to get confused with the Help to Buy ISA, they are similar but there are some differences. Let’s take a look at the Lifetime ISA, how it works and why it could benefit you.
In your Lifetime ISA, your savings will grow interest-free. Each year, your total amount saved in the ISA will be increased by the government by 25%.
The maximum that you can deposit each year is £4,000. This may seem like a lot, however, at the end of the year, you’ll receive an extra £1,000 in your ISA account.
Your ISA savings can be used for two different things. Firstly, you can use it to buy your first property. If you are thinking about starting your buying a home journey as a first time buyer in Leicester, this scheme could be perfect for you. Lifetime ISAs can especially be useful if you’re thinking of holding off your mortgage journey for a little while longer.
Alternatively, you can use the Lifetime ISA for later in life savings. Unfortunately, as a Mortgage Broker in Leicester, we can only help clients looking to utilise the savings account to fund a deposit for their first home. If you are thinking of using the Lifetime ISA for this second reason, you can find out more information on the Lifetime ISA government website.
Like most government schemes, you will have to qualify for the ISA before you can use it. Here are the requirements:
Buying a home
Further information on the Lifetime ISA can be found on the official government’s official page here: https://www.gov.uk/lifetime-isa.
If you’re already feeling as if this is right for you, get in touch with a mortgage broker in Leicester like us and we can help you get your Lifetime ISA journey started.
If you’re curious about more government-led mortgage schemes, now could be the perfect time to take a look and find out what’s available. There are lots of different schemes available, so it’s definitely worth the look! Starting off your mortgage journey through a government scheme could massively boost your chances of being accepted for a mortgage.
For more help to buy mortgage advice in Leicester, get in touch with our brilliant mortgage advisors in Leicester and book your free mortgage appointment today. We don’t just specialise in Lifetime ISAs, we work with all different types of mortgages, we will try our best to help! We love a good challenge and we would love to try and help you make that first step onto the property ladder.
Suppose you fall into the category of military personnel. In that case, you might have heard that from 1 January 2023, The Forces Help to Buy Scheme will become an enduring policy, ensuring its availability to all service personnel now and in the future.
Thanks to this scheme, military personals have more time to decide if they want to put their foot onto the property ladder.
The scheme was initially brought into prominence back in 2014. The £200 million scheme’s purpose is to provide a boost to anyone from the forces who needed help buying a property.
If at any point, you served in the military and can meet the criteria, you will have access to this scheme. You can borrow a deposit of up to half your annual salary (maximum of £25,000) without any interest added.
If eligible, you can use the scheme to purchase your first home. The perks of this are that you do not need to have any current savings to take that first step onto the property ladder.
The money you will be using is raised from the Forces Help to Buy loan and spent for anything, from your deposit to any additional costs.
These can include but are not limited to stamp duty costs, estate agent fees or even the costs of finding a solicitor.
This government scheme tends to be a little more relaxed than some other schemes, as the Forces Help to Buy loan can be drawn out and paid back over a term of 10 years.
It helps give you room to breathe and not feel so rushed at any point.
With all this in mind, the Forces Help to Buy loan is a lifeline to those who never even thought they’d be able to own their own home.
Bear in mind that you’ll still have to qualify for eligibility based on if you have served your country and can meet the correct criteria (length served, service term left, and medical categories).
Click here to read additional information on this scheme from the government.
With the assistance of a dedicated and experienced mortgage advice team in Leicester, your mortgage process may go quicker and smoother than it would be going alone.
Your advisor will walk you through every step you need to take. From the start of your mortgage process, when you get in touch, right through until your mortgage journey has ended.
Your dedicated mortgage advisor in Leicester will make sure you are cared for and hopefully end up with the best result for your circumstances.
As a company that prides itself on a reliable and efficient customer experience, it aims to take the stress away and, most importantly, loves and respects the nation’s forces.
Don’t hesitate to get in touch with us today for help to buy mortgage advice in Leicester. We will take a look at how we can help with your home-owning dreams.
Please bear in mind that the Forces Help to Buy is not the same as the standard UK Help to Buy schemes.
If you are based in Leicester and living in a property owned by your local authority (that means your local council or housing association), you may have the opportunity to buy your home through use of a Right to Buy in Leicester.
The Right to Buy Scheme, providing you have the eligibility to do so, allows you to buy a property at a discounted price. This means that instead of paying a particular amount in rent to the owner for a property that isn’t yours, whilst the monthly mortgage payment may vary, you are able to call it home truly.
If you are new to Right to Buy in Leicester or are confused about anything we mention here and would like guidance, please get in touch for Right to Buy mortgage advice in Leicester. Our mortgage advisors are readily available throughout the day to answer any questions you may have.
We have a lot of experience in working with Right to Buy mortgages from our many years in the industry. As such we know how it works like the back of our hand and will be able to talk you through the process.
If you have no prior knowledge of the Right to Buy Scheme in Leicester, i.e., this is the first you’ve heard of it, it might be worth your time to contact your local authority to check whether or not you’re eligible to buy your rented home.
Once they have confirmed eligibility, you should receive a Right to Buy offer from them, highlighting the property prices when the scheme is in place and ready to go. The offer usually holds an expiry date, so you will need to speak with a fast & friendly mortgage advisor in Leicester in plenty of time before that period ends.
After you get in touch with us, we will book you in with a free initial mortgage consultation, taking account of your details so that we can understand your situation. You’ll speak to an experienced and dedicated mortgage advisor in Leicester, who will hold your hand through the process.
To qualify for the Right to Buy discount, you should have been living in your rental property for three years, whether this is three years continuous or not.
The Right to Buy discount won’t be available to you if any of the following apply:
Exceptional living circumstances may also not be accepted, e.g., selected housing for the elderly or if you have a career in a specific sector.
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UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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Leicestermoneyman.com & Leicestermoneyman are trading styles of UK Moneyman Limited, which is authorised and regulated by the Financial Conduct Authority.
UK Moneyman Limited is Registered in England, No. 6789312 | Registered Address: 10 Consort Court, Hull, HU9 1PU.
Authorised and Regulated by the Financial Conduct Authority.
We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk
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