How Help to Buy can help you realise your homeownership dream

How Help to Buy can help you realise your homeownership dream

Home ownership seems like an impossible dream for many – but there are schemes out there that could help you take your first step towards owning your own home.

For many young people in Britain today, the challenge of getting onto the property ladder is a daunting one. Saving enough for a deposit, often whilst paying rent, is just not achievable for some, whilst the whole process of applying and qualifying for a mortgage in itself puts others off.

Yet despite this, the ambition of young people to own their own home hasn’t been dampened. A recent survey for the Home Builders Federation found that 84% of 18 – 34 year olds still aspire to become a homeowner.

So just what can young people do to realise their ambition and take the all-important first step onto the property ladder?

Well, the Government’s Help to Buy equity loan scheme is one option. It has now helped over 100,000 people buy a home, including nearly 81,000 first time buyers.

The scheme allows purchasers to buy a new build home with just a 5% deposit. The Government takes a 20%, 15% in Scotland or 40% in London equity stake in the house meaning that buyers only need to get a mortgage for the remaining 75%, 80% (Scotland) or 55% (London) of the value of the home.

The popularity and success of the scheme is demonstrated through the sheer volume of buyers that have benefitted from it. Since it was launched in April 2013 nearly 2,500 people a month have used it to buy a new home. And with over 80% of these being first time buyers, it is assisting those that really need a helping hand to realise their dream.

Find out more here about Help to Buy equity loan here.

One scheme everyone looking to buy a first home should definitely take advantage of is the Government’s Help to Buy ISA. The scheme allows you to save up to £200 a month towards your first home with the Government boosting your savings by 25%. That’s a £50 bonus for every £200 you save, and you can receive a total bonus of up to £3,000.

Find out more about the Help to Buy ISA here.

So for people wanting to buy a home, there are options. You can sign up to our newsletter for the latest updates on all these schemes and other new homes news.

Combined with the low running costs, low maintenance and brand new fixtures and fittings in a new build home, getting on to the property ladder using a scheme such as Help to Buy could be the perfect option for you!

Start the search for your new home today!