Dream of owning your own home and need some advice on how to get there?Perhaps you’re tired of living at mum & dad’s or paying expensive rents and have decided 2019 is going to be the year you become a home owner. The Help to Buy South Financial Advice event could help!
Not just for first-time buyers, home movers can also make use of Help to Buy, so if you’ve got a growing family or are planning on starting one and would like a bigger home than the one you’re currently in, you too could benefit from Help to Buy.
Whatever your situation, come along to Help to Buy South's free Financial Advice event, where you can chat face-to-face with Help to Buy South and a financial advisor in a no-pressure-environment to gain insightful information on how to work out your next steps.
The event is being help at Macdonald Botley Park Hotel
Door are open from 3.00pm and close at 8.00pm.
Shared Ownership Explained:
Shared Ownership is an affordable alternative to privately renting or buying outright, enabling purchasers to buy however much of the property they can afford (a share). Starting from just 25% ranging up to 75%* with your initial purchase, buyers then pay a low-cost rent on the rest of the home. The higher share you buy the lower the rent will be.
Buyers deposit is a minimum of 5% of the share purchased so it could be as little as £3,500.
You can also buy more shares in the future so you own more of your home, this is known as Staircasing. Shared Ownership homes are purchased through Housing Associations.
The Mortgage Hut has a page dedicated to Shared Ownership, so why not read up before the event.
*Please note; although shares are available to purchase between 25-75% on the scheme all individual housing associations set minimum purchasable shares on properties and these can vary from development to development.
Help to Buy - Equity Loan Explained:
Available on new build properties, you will require a minimum of a 5% deposit (of the full-market value of the property), you then borrow up to 20% of the property value from the government as an interest-free equity loan*. You will then need to be able to raise a 75% mortgage to cover the remaining cost of the home. For example, if you purchased a property worth £200,000 using a 20% Equity Loan you would require a minimum deposit of £10,000, the Equity Loan would be £40,000 and you’d need a mortgage of £150,000.