First time buying
The average age of first time buyers has risen to almost 40!
But don’t despair! There are now LOADS of schemes available to help first time buyers get on the property ladder
You need to save as much as you can to get a standard mortgage BUT with some schemes, the magic number is just 5%
Once you have 5% of the value of your new home schemes like Help to Buy and Shared Ownership could give you a leg up onto the property ladder
Help to Buy
It’s VERY easy to get more information about what is available in the area you want to buy. Help to Buy England has details of agents and local events. Click for more information on schemes in Scotland, Wales and Northern Ireland
Help to buy ISA
Banks offering the ISA include Nationwide, NatWest, Barclays, Lloyds Banking Group, Santander and Virgin Money.
The Help-to-Buy ISA scheme expires 30 November 2019 and you must use your bonus by 1 December 2030.
You can also read our full summary of the announcement here
The bonus will be paid annually in the 2017/18 tax year, and then monthly from April 2018. You’ll also get interest on top of the state bonus.
The maximum bonus you can get is £32,000 – which is a significant chunk in the era of rising house prices!
The Lifetime ISA can be used for one of two things. The first is for first-time buyers to put towards their first residential property, providing they’ve had the ISA for 12 months. The second is to take the money out and use it in retirement after you turn 60.
With both options, there is no tax to pay when you take the money out.
For more information, you can visit the Government’s page here.