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Are you single and buying a house, what help is available to you?

Wednesday, March 22, 2017 1:40:00 PM

Buying a house is a big decision for a couple, so when you are buying one alone it is obviously more daunting having to make the decisions alone. However, don't despair, take a little time to research and you might find some schemes and options that might help you out.

Help to Buy ISA
Saving money into a Help to Buy: ISA can help top up your savings pot if you are looking to buy your first home. This is where the government will boost your savings by 25%. This means that for every £200 you save, you will receive a government bonus of £50, up to a maximum of £3000

Shared Ownership
Shared ownership schemes are aimed mainly at first time buyers, who don't earn enough to buy a home outright, where you partially buy and partially rent. With shared ownership, you buy between a quarter and three-quarters of a property and at a later date you can choose to buy a bigger percentage or even all of the property if you can afford to. The criteria to qualify for shared ownership is:

  • Your household earns £80,000 a year or less, outside of London.
  • You are a first-time buyer and used to own your home, but can't afford to buy one now or you're an existing shared owner looking to move.

Most of the homes available are newly built, but some are properties being re-sold by housing associations. All shared ownership homes in England are offered on a leasehold only basis.

Help to Buy - equity loan scheme
With a Help to Buy: Equity Loan, the government lends you up to 20% of the cost of your newly built home, so you'll only need a 5% cash deposit and a 75% mortgage to make up the rest. You won't be charged loan fees on the 20% loan for the first five years of owning your home.

To reflect the current property prices in London, from February 2016 the Government is increasing the upper limit for the equity loan it gives new home-buyers within Greater London from 20% to 40%.

The Help-to-Buy Equity Loan scheme - which is only available on new-build homes - will remain on offer until 2020, in England alone.

Bank of Mum and Dad
For many aspiring homeowners buying with help from Mum and Dad, family and friends is the only way with them being given a large enough deposit to help them onto the property ladder.

With a guarantor mortgage, a close relative acts as a guarantor on the loan. This does mean that if you are unable to make your repayments, your guarantor will be chased for the cash.

Guarantor mortgage can be useful for first-time buyers as the guarantor's income is taken into account when establishing how much the borrower can afford to borrow. As a result, you may be able to borrow more than if you were simply applying on your own.

If you are interested in any of the above schemes and would like further information, please contacts us here at The Mortgage Brain in Gloucester on 0333 340 8888 or

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