Schemes to help people when buying a new home.
Help is available for to people in North East Lincolnshire to assist them in taking their first steps on the property ladder. A number of government schemes provide options to make home ownership affordable and North East Lincolnshire Council is keen that people in this area take advantage of the options available to them.
Councillor Ros James, portfolio holder for housing and wellbeing, said: “Buying a share is often the first step to home ownership and in these difficult times we want to make sure that people know what options are available to them.
“The government has a number of schemes to assist first time buyers, existing homeowners and those people who have only a small deposit.
“It is understandable that many people these days can’t afford to buy a property outright or feel they need some extra security when committing to such a large purchase. These schemes provide just that and are worth looking into when searching for a new home.”
HomeBuy is one of the government’s initiatives that sees them working in partnership with housing associations or developers on a number if schemes to assist home buyers. These include:
- Shared Ownership, the buyer owns some of the property with the landlord owning the other part with the opportunity to progress to own the whole property;
- Rent to Buy, the buyer rents a home for a pre-defined period of time with the expectation that the buyer will sign up to Shared Ownership at the end of the rental period;
- FirstBuy Equity Loan, the buyer can receive a loan of up to 20 per cent of the purchase price. The remainder is funded through a mortgage.
There are several other government schemes to suit the needs of different households. For more information or to apply for these and other more specialist schemes for older people, people with a disability and armed forces personnel visit the my4walls website www.my4walls.co.uk or telephone: 0113 825 6888.
NewBuy is another government-backed mortgage indemnity scheme that helps home buyers who have a five per cent deposit. This scheme is for first-time buyers or existing homeowners who are looking to buy new-build properties worth up to £500,000. For more information visit www.newbuy.org.uk