First Time Buyer scheme for those without deposits
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First Time Buyer scheme for those without deposits
There are lots of current schemes aimed at first time buyers, and one particular one I thought I would mention as it allows FTB's with no deposit the opportunity to buy a house.
It is called "my choice homebuy" and works as follows:
The individual can apply for an equity loan from the government for between 15% and 50% of the purchase price of a property. This loan is to be used as a deposit and comes at a very low interest rate (less than 2%).
The individual then gets a standard residential mortgage for the rest of the purchase price.
This essentially allows FTB's who don't have a deposit the chance to purchase a home.
Extra benefits of this schem are that, unlike many of the shared equity/ownership schemes available, you are not restricted to a property that is part of a development where a propertion of the homes have been set aside for affordable housing. In this case, you can buy a property of your choice (there will be a maximum value which varies between areas).
For further information, contact a good independent mortgage broker who will be able to assist you with the mortgage and should have more information on the various schemes available.
It is called "my choice homebuy" and works as follows:
The individual can apply for an equity loan from the government for between 15% and 50% of the purchase price of a property. This loan is to be used as a deposit and comes at a very low interest rate (less than 2%).
The individual then gets a standard residential mortgage for the rest of the purchase price.
This essentially allows FTB's who don't have a deposit the chance to purchase a home.
Extra benefits of this schem are that, unlike many of the shared equity/ownership schemes available, you are not restricted to a property that is part of a development where a propertion of the homes have been set aside for affordable housing. In this case, you can buy a property of your choice (there will be a maximum value which varies between areas).
For further information, contact a good independent mortgage broker who will be able to assist you with the mortgage and should have more information on the various schemes available.
DanAronG- First Time Newbie
- Posts : 12
Join date : 2008-10-28
No Initial Deposit Properties For Sale For First Time Buyers
Hi
We can help you find what you are looking for!
We are a One Stop Property Shop which includes Estate Agency.
We also work with local Estate Agents, Landlords and Sellers.
Why rent when you can buy?
No Initial Deposit Properties For Sale!
Independent Mortgage and Financial and Legal Services.
Free Consultation!
www.simplicityhomeplan.co.uk
Tel: 0845 9000 341 * local call rate
E- Mail: info@search4apropertyinvestment.co.uk
Thank you for your time.
Gary Bennett
MD Chameleon Property Investments Ltd
We can help you find what you are looking for!
We are a One Stop Property Shop which includes Estate Agency.
We also work with local Estate Agents, Landlords and Sellers.
Why rent when you can buy?
No Initial Deposit Properties For Sale!
Independent Mortgage and Financial and Legal Services.
Free Consultation!
www.simplicityhomeplan.co.uk
Tel: 0845 9000 341 * local call rate
E- Mail: info@search4apropertyinvestment.co.uk
Thank you for your time.
Gary Bennett
MD Chameleon Property Investments Ltd
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