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"The Easy Way to Get Your Best UK Mortgage" |
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The
New Build HomeBuy initiative is one of a range of Government
schemes set up to give low-paid first-time buyers a chance of
home ownership.
• How does it work?
New Build HomeBuy is similar to the Social
HomeBuy scheme, in that it lets you buy a share in a flat
or house and pay an affordable rent on the rest.
With Social HomeBuy, it has to be a property you're already
renting, while as the name suggests this version applies to
newly built homes.
The minimum you can buy is 25 per cent and 75 per cent is the
usual maximum.
Older schemes of this type were known as shared ownership, part
buy/part rent or shared equity.
• How do I qualify?
New Build HomeBuy is open to key workers (such as nurses, teachers
and police officers), social housing tenants and anyone classed
as being in priority housing need.
• Can I increase my
share?
As with Social HomeBuy, you can buy additional shares until
you own the entire property this is known as 'staircasing.
• What if I want to
sell up?
When you want to move on, you can sell your share at its market
value to a purchaser nominated by your landlord.
Or if you have 'staircased to 100 per cent ownership, and your
landlord doesn't want to buy the property back, you can sell
it on the open market in the normal way.
• What else do I need
to know?
If you bought as a key worker but then change jobs so you lose
this status, you are allowed five years to buy the property
outright or sell it.
• How do I apply?
For more information, contact your local HomeBuy agent.
Want
to talk
with a mortgage adviser who specialises in helping First Time
Buyers?
We can put you in contact with a professional mortgage adviser
who will find
you your best mortgage. It's free and completely
confidential. Simply fill out the form below
Read on about Mortgages for First time Buyers
Intro / What you're getting into
Buying
your first home
Be
careful out there
Don't
just grab the first mortgage you can
Problem:
having enough money
100% Mortgages for First Time Buyers
Should I borrow five times my income?
If you have problems
paying off your mortgage
Buying
as a couple
Already
own separate homes?
TIPS
for First Time Buyers
Having problems as a First time Buyer? Read some Solutions
UK Government Help, HomeBuy and Key Workers Schemes
Read On / Mortgage Guide
Choosing
a Mortgage
UK Mortgage Types
UK ReMortgages
How to get Your Mortgage
What is a Mortgage in Principle
Costs and Fees of UK Mortgages
Summary of All UK Mortgage Types
Read On
Guide to Home Buying for the UK
UK Mortgage and Home Insurance
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