If you want to climb the property ladder, whether as a first-time buyer or an existing homeowner, you will be happy to know that the UK government offers a wide range of schemes and arrangements to help you buy a house. Some of these are Help to Buy and Right to Buy.
Buying a house can be quite a stressful experience and during this time you need the guidance and support of a mortgage solicitor more than ever. Our mortgage solicitor in London will enable you to find the right property and inform you on government schemes that will help make the most out of your money. Saracens Solicitors has many years of experience in property law, protecting the best interests of your clients.
Help to Buy
Help to Buy is a government scheme for buyers who have a small deposit and cannot reach the deposit limit for mortgage imposed by most banks and credit entities. This equity loan is available to first-time buyers who wish to buy a house that does not cost more than £600,000. As your mortgage solicitor in London will advise you, you can borrow up to 20% of the money without any interest attached for the first five years, as long as your deposit is 5%. For buyers who are looking to get a place in London, 40% of the total price can be borrowed without interest payment for five years.
Right to Buy
If you have been living in council property and you wish to buy it, the government can help you buy your house at a discount. This discount depends on many factors such as the area you live in, the type of property you are renting and the state of the house. To be eligible for this scheme, you need to be renting the place for at least three years, which do not need to be consecutive. This way, potential buyers who switched to the private sector in-between this period of time can still qualify.
To learn more about the various government schemes you can take advantage of if you are buying a house for the first time, contact your Saracens Solicitors mortgage solicitor in London today.