So many people across the country dream of owning their own home, but never feel like it could be anything more than just that: a dream. We’re here to tell you that there is help out there!
There are a number of different schemes available that either offer financial help to get you on the property ladder or just make the whole moving process a lot easier. These include Shared Ownership, Help to Buy and Assisted Move, and at Catalyst we’re proud to support all three.
They all have their own benefits, but working out which one is right for you can be difficult, so in this blog we wanted to give you the lowdown on each of them.
Shared Ownership allows you to buy a share of between 25% and 75% of a property and pay a subsidised rent on the remaining portion, offering a cheaper way to get on the property ladder.
Buying a smaller share of the property inherently reduces the size of the deposit you have to pay, but when you also consider that the minimum deposit is just 5%, it becomes even more affordable.
This scheme is the perfect option for those that are currently renting and are not in a position to fully commit themselves financially, but want their monthly payments to be something more than wasted money.
In order to qualify for the Shared Ownership Scheme you’ll need to be:
- Over 18 with an annual household income of less than £80,000 (£90,000 in London)
- A first-time buyer or not currently owning a home
- Able to prove that you can afford the payments
Help to Buy
The Help to Buy Scheme works in a similar way to Shared Ownership, however, instead of paying rent on the remaining share, it is paid for with a government equity loan.
The government lends you up to 20% (40% in London) of the property’s value and you take out a mortgage on the rest. With the minimum deposit just 5% it becomes much easier to find the finance on the balance.
Additionally, you won’t have to pay any fees on the loan for the first five years, so it makes even more financial sense.
If you’re ready to take your first step on the property ladder, but just need a helping hand to get started, Help to Buy is the perfect scheme for you.
To quality for Help to Buy you’ll need to:
- Be a first-time buyer or homeowner looking to move
- Not own any other property at the time of purchase
- Buy a newly built home for £600,000 or less
For more information, click here to get in touch with our friendly.
With the Catalyst Assisted Move Scheme, you can completely eliminate the stress of selling your existing home, and instead concentrate on the excitement of buying your new one.
Our trusted Assisted Move partner will take care of everything for you, from appointing estate agents and marketing your property, through the negotiations and offer process, right up to Exchange of Contracts.