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Help for First Time Buyers

June 17, 2021

The Government has in recent months set up a number of schemes designed to provide help for first time buyers to get onto the property ladder. The latest initiative that has hit the headlines is the First Homes scheme. Currently only available in the Bolsover area of the East Midlands, the scheme offers a number of properties at 30% – 50% below market value to first-time buyers only. A further 1,500 homes are due to be included in the scheme by the Autumn across other locations around the country.
But as a first time buyer what is actually available to you today? Below is a whistle-stop tour of the schemes and their key benefits, but for advice that is personal to you and your circumstances why not book a FREE no obligation consultation with one of our independent mortgage advisors? Mortgage Solutions of Wakefield do not represent any one bank, building society or insurance company and as such are able to provide an independent solutions based on your individual needs.

Stamp Duty Land Tax Relief

This has been the real headline-grabber for some time but it’s important to note that this scheme is time limited. In July last year due to the Coronavirus Pandemic, the Government temporarily increased the nil rate band on Stamp Duty from £125,000 to £500,000, which applies to the purchase of all residential properties. In the Budget this year the original deadline of 31st March was extended until 30th June 2021.
After the 30th June deadline the nil rate band threshold will be stepped down to £250,000, until it returns to the normal standard threshold of £125,000 on October 1st 2021. However first time buyers during this period will benefit from additional tax reliefs on properties of a higher value.
For more information on this please consult the SDLT section of the Government’s dedicated first time buyer website.

Mortgage Guarantee Scheme

Also announced during the March 2021 budget, the Mortgage Guarantee Scheme was set up to increase the amount of 95% mortgages that are made available by lenders to first time buyers. This means that if you are looking to get onto the property ladder for the first time you only need to have a 5% deposit. This makes the property market much easier to access, especially to renters who are paying out a rent alongside saving to buy a property.
These mortgages are available through many high street lenders but it is always advisable to get independent advice to check that you are taking on a mortgage that is suited to your individual circumstances.

Help To Buy: Equity Loan

This new scheme became available in April this year and will be on offer until March 2023. This scheme is only available to first time buyers who are purchasing a newly built homes. The Government will lend buyers up to 20% of the cost (40% in London) providing they have at least a 5% deposit saved on the total value of the property.

There are a number of other schemes that are running at the moment that could also help you depending on your situation. You can visit the Government’s dedicated website for first time buyers and use the calculator to find out which scheme is best for you. For independent mortgage advice and information visit , or call any of our branches to discuss your requirements.

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A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.