First Time Buyer 50 / 50 Scheme
The governments planned 50/50 scheme to help first time buyers has been big news, but what does it mean to a newby on the property ladder?
What’s the plan?
the big press campaign the details of exactly how the
scheme will work have yet to be finalised.
scheme is expected to continue to help key workers
(who already benefit from existing schemes) and council
and housing association tenants who wish to take advantage
of the government’s Homebuy initiative and some
first time buyers in the wider property market.
first time buyer would take out a 75% stake in an ordinary
the exact details of how the scheme will work are
published it’s impossible to say.
Worries about the effect on the housing market.
Will demand outstrip supply in areas where there is a high take up of the scheme?
The scheme will only help a small proportion of first-time buyers. What happens if you sell?
If the price of the property increases the homeowner will get 75% of the price when they sell. So the stake will increase with the value of the house.
The homeowner would be well protected if prices fell and the house is sold at a loss. The government is responsible for the first 12.5% of the loss and the lender the next 12.5%.What can I do in the meantime?
there are a number of commercial schemes to help soften
the blow of that first mortgage.
Read on about Mortgages for First time Buyers
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