Make Moving More Affordable With Help To Buy And Shared Ownership
Posted: Friday May 18, 2018
There’s nothing more exciting than finding that perfect home and knowing instantly that you would love to make it yours. There’s also nothing more deflating than thinking it may be out of reach because of the price. Does that mean you should give up on your dream home? We don’t think so. Moving can be more affordable with Help To Buy or Shared Ownership.
What Is Help To Buy?
Help to Buy is an equity loan from the government of up to 20% of the value of a new home, and this loan is interest free for five years. Using Help to Buy you only need a 5% deposit and you only need to secure a mortgage from 75% of the property price making your mortgage repayments more affordable too.
It is easier to buy your new home as the deposit contribution is more affordable and easier to save for, and your monthly mortgage payments are lower because of the Government equity loan, so what are you waiting for?
In England, Help to Buy is available on homes up to £600,000 and is available to all purchasers (except for buy to let), so whether you are buying your first home or moving into a bigger home, Help to Buy could help you buy the home of your dreams.
What Is Shared Ownership?
Shared Ownership can help you move into your dream home today and make it much more affordable than you think. It’s simpler than it sounds and a great way to get you moving. Your home is still yours even though you own a share – it just makes it more affordable.
1) You purchase a share of your new home ranging from 25% to 75%.
2) You pay rent on the remaining portion of the property.
3) You can buy more shares in your home as and when you can afford them. As your share in the house goes up, the cost of your rent goes down (this is called stair-casing).
4) Your deposit is more affordable as it is based on the amount of the property you are purchasing.
Is Shared Ownership Suitable For Me?
Shared Ownership makes moving affordable for everyone and you can apply to buy with the scheme if:
- Your household earns less than £80,000 per year.
- You are a first-time buyer, or existing shared owner moving to another Shared Ownership home.
- You previously owned your own home but would like support with a new purchase.
- Your income sufficiently covers the mortgage, rent and service charges.
- Your chosen Shared Ownership home is affordable and sustainable for you.
For further information, check out our dedicated Shared Ownership page.
Where can I buy a new home with Oriel?
Oriel have a range of 2, 3 and 4-bedroom homes in Knowsley, including bungalows and detached houses, so there is a home for everyone. Why not visit our show homes in Halewood and Kirkby to see these beautiful high-specification homes for yourself?
Speak to one of our sales advisors today by calling 0151 290 7891 and let us help make moving into your dream home a reality.