You will find several government schemes available which are designed to help you buy a home. In this article, we will take a look at the various government schemes so that you know which scheme you qualify for.
Help to buy and London Help to Buy
Through Help to Buy equity loans, the government will lend you up to 20% of the value of the home as an equity loan. If the property is in London, then its 40% of the value.
- Help to Buy cover only new build properties worth less than £600,000.
- You do not have to be a first-time buyer to be eligible.
- No salary cap or joint income limit is applied.
- From April 2021 till March 2023, Help to Buy will only be available for first-time buyers. Further, regional caps will also apply.
Shared Ownership (for new build homes)
Shared ownership scheme allows you to buy a part of the property while renting the rest. You may even be able to purchase the rest of the property in the future.
Shared Ownership (Resale)
This scheme will allow you to take an existing shared ownership home, and over time, you can buy the remaining property.
Rent to Buy
With Rent to Buy scheme, you can rent a new build home if you have the intention to buy it.
Right to buy
Under the Right to Buy scheme you can purchase a council house or flat you are right in at a discounted price. The discount will vary depending on where the property is located, how long you have lived there and whether the property is a flat or a house.
Armed Forces Home Ownership Scheme
This scheme has now closed, and the government is recommending that people consider other schemes.
Home Ownership for People with Long Term Disabilities
Home Ownership for People with Long Term Disabilities is designed to help people with long term disabilities to purchase a home on a shared ownership basis.