Right to Buy
This scheme is for council and Housing Association tenants. Once you have made an offer to purchase under the Right to Buy Scheme contact us for expert assistance on how to proceed. We know this a big step for those currently renting their property so our advisers will provide both practical advice and reassurance.
Help to buy
The Government Help to Buy scheme is designed to help those buyers who can afford only a small deposit – either for their first home or to move to another home. The first phase (launched in April 2013) was for newly built properties only and requires the buyer to have a 5% deposit. The buyer can then borrow up to 20% from the Government as an interest free loan for the first five years. The balance (up to 75%) is made up of a mortgage. After five years, interest is payable on the Government loan on top of the existing mortgage repayments. Repayment of the loan is required when the property is sold or at the end of the mortgage period.
The second phase (effective from October 2013) allows buyers who only have a 5% deposit, to purchase a property (new build or otherwise), by obtaining a 95% mortgage. The Scheme allows the lender to obtain a guarantee from the Government for up to 15% of the value of the property. There are conditions attached. The property must be the buyer’s main residence. The Scheme is available for properties selling for up to £600,000 and is scheduled to run until October 2016.