First-time buyer government scheme, what is it? Is it only available in the UK? Can you get it anywhere? What makes someone eligible? Where can I get more information on the first-time buyer government scheme? And why should you read this article to find the answers to these questions and more? Keep reading and you’ll find out!
You must be a first-time buyer
There are some criteria to be met in order to apply for this scheme:
You need to be a first-time buyer, which means you do not own any residential property anywhere in the world. First time buyers must be aged 16 or over and they also need a household income of less than £80,000. You can't have owned your own home at any time during the three years before you apply.
Not only will this scheme help those who are struggling with their monthly mortgage payments but it'll also help those who may have missed out on getting a foot into the property ladder because they couldn't afford it. The Help For First Time Buyers Scheme could change that.
You must be over 18 years old
Help For First-Time Buyers: If you are an Irish citizen or a qualifying EU citizen who has been living in Ireland and working on an Irish contract for 12 months out of the last 18 months, then you may be entitled to a helping hand from the government.
The Help to Buy (Ireland) Scheme provides equity loans of up to €20,000 with a 5% deposit. This means that if you have €5,000 saved up for your deposit, then this new scheme will provide you with another €15,000. So all in all, there's no need to worry about coming up with your full deposit anymore. The new scheme will cover it!
You must have a deposit of at least 5%
The First-Time Buyers' Scheme (FTBS) was introduced in 2009 to help people who were looking to purchase their first property. It's designed to help buyers save up a deposit and get on the property ladder, as well as provide some protection from future changes in interest rates.
To be eligible, you'll need to:
- Be aged 18 or over;
- Have a household income of £60,000 or less;
- Not have had another residential mortgage since 1 January 1997;
- Own less than one residential property currently; and
- Have a deposit of at least 5% (seven sentences)
The property must be worth less than £600,000
First-Time Home Buyer Scheme: Who can take advantage of this new initiative?
The new help for first time buyers scheme, announced in Chancellor George Osborne's Autumn Statement on 3 December, has been welcomed by industry professionals who said it would help address concerns about a potential housing bubble. First time buyers will be able to purchase properties up to £600,000 without having to pay stamp duty on the entire property price. The tax relief also applies if you buy an off plan property with a reservation fee paid before 1 January 2016.
The property must be your main residence
You can take advantage of the Help To Buy scheme if you are a UK citizen and not have an interest in any other property. You must also be a first-time buyer and have a mortgage offer from an approved lender.
This opportunity is available to UK citizens who are new buyers, rather than people who already own their own homes and are looking to move up or down the property ladder. The Government also stipulates that you need to have no other interest in another property, such as an investment property or holiday home.
The maximum purchase price for this help with first time buyers grant is £600,000 (or £300,000 in London), which means that outside of London this grant provides help for 90% of homes sold each year.
You must not have an interest in another property
Government schemes are designed to help first time buyers enter into the property market. If you're a first time buyer and want to get on board with a Help For First Time Buyers Scheme, here's what you need to know.
What are Help For First Time Buyers Schemes? First time buyers can apply for this type of government assistance if they have less than £500,000 in savings, no interest in another property and have been on their current job for six months or more. It's also worth noting that these houses must be within London or an area where there is a chronic shortage of housing.